Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in Procore Technologies, Inc. (NYSE:PCOR) by 9.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 502,647 shares of the company’s stock after selling 54,119 shares during the quarter. Bank of New York Mellon Corp owned about 0.34% of Procore Technologies worth $33,185,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Huntington National Bank raised its position in shares of Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after acquiring an additional 404 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Procore Technologies by 1,434.0% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock valued at $54,000 after purchasing an additional 674 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its stake in shares of Procore Technologies by 181.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company’s stock valued at $63,000 after buying an additional 544 shares in the last quarter. Ancora Advisors LLC boosted its stake in shares of Procore Technologies by 10,625.0% in the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company’s stock valued at $64,000 after buying an additional 850 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Procore Technologies by 174.2% in the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company’s stock valued at $66,000 after buying an additional 636 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Procore Technologies

In other news, Director Kathryn Bueker sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total transaction of $507,010.00. Following the transaction, the director directly owned 16,932 shares of the company’s stock, valued at approximately $1,226,384.76. This trade represents a 29.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 4,500 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $75.00, for a total transaction of $337,500.00. Following the sale, the insider owned 97,557 shares in the company, valued at $7,316,775. This represents a 4.41% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 671,723 shares of company stock worth $43,802,902. 29.00% of the stock is currently owned by insiders.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $70.85 on Wednesday. The firm has a market cap of $10.57 billion, a PE ratio of -82.38 and a beta of 0.89. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The company has a fifty day moving average price of $68.53 and a 200 day moving average price of $70.44.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The company’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 EPS. Research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Scotiabank reduced their target price on Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus reduced their price target on Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 2nd. UBS Group reduced their target price on Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Piper Sandler lowered their price objective on Procore Technologies from $110.00 to $75.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. lowered their price target on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $81.39.

Procore Technologies Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.