Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 343,443 shares of the company’s stock after selling 8,150 shares during the period. Envestnet Asset Management Inc. owned approximately 0.23% of Procore Technologies worth $22,674,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PCOR. Huntington National Bank grew its stake in Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after acquiring an additional 404 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its position in Procore Technologies by 1,434.0% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock worth $54,000 after purchasing an additional 674 shares during the period. Aster Capital Management DIFC Ltd boosted its position in Procore Technologies by 181.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company’s stock worth $63,000 after purchasing an additional 544 shares during the period. Ancora Advisors LLC boosted its position in Procore Technologies by 10,625.0% during the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company’s stock worth $64,000 after purchasing an additional 850 shares during the period. Finally, Versant Capital Management Inc boosted its position in Procore Technologies by 174.2% during the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company’s stock worth $66,000 after purchasing an additional 636 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Down 1.0%

Shares of NYSE PCOR opened at $70.85 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The firm’s fifty day moving average is $68.53 and its 200 day moving average is $70.44. The company has a market cap of $10.57 billion, a price-to-earnings ratio of -82.38 and a beta of 0.89.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The business had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. During the same quarter in the previous year, the business posted $0.30 earnings per share. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. UBS Group dropped their price objective on shares of Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Scotiabank dropped their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a research note on Thursday, April 24th. Piper Sandler decreased their target price on shares of Procore Technologies from $110.00 to $75.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Arete started coverage on shares of Procore Technologies in a research report on Monday, June 16th. They issued a “buy” rating and a $91.00 target price for the company. Finally, BMO Capital Markets decreased their target price on shares of Procore Technologies from $95.00 to $75.00 and set an “outperform” rating for the company in a research report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.39.

Insider Activity

In other Procore Technologies news, insider Benjamin C. Singer sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $75.00, for a total value of $337,500.00. Following the completion of the transaction, the insider directly owned 97,557 shares in the company, valued at $7,316,775. This represents a 4.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the sale, the insider owned 3,137,255 shares in the company, valued at $203,168,633.80. The trade was a 5.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 671,723 shares of company stock worth $43,802,902. Company insiders own 29.00% of the company’s stock.

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.