M&T Bank Corp Lowers Stake in Procore Technologies, Inc. (NYSE:PCOR)

M&T Bank Corp lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 5.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,484 shares of the company’s stock after selling 282 shares during the quarter. M&T Bank Corp’s holdings in Procore Technologies were worth $296,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in PCOR. Vanguard Group Inc. lifted its holdings in shares of Procore Technologies by 7.6% in the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after purchasing an additional 838,925 shares in the last quarter. Capital World Investors grew its position in Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after acquiring an additional 2,555,612 shares during the last quarter. Principal Financial Group Inc. grew its position in Procore Technologies by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company’s stock worth $182,365,000 after acquiring an additional 82,311 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock worth $196,873,000 after buying an additional 322,367 shares in the last quarter. Finally, FIL Ltd lifted its stake in shares of Procore Technologies by 4.0% in the 4th quarter. FIL Ltd now owns 2,171,975 shares of the company’s stock valued at $162,746,000 after purchasing an additional 84,216 shares during the period. 81.10% of the stock is owned by institutional investors.

Procore Technologies Trading Up 1.7%

Shares of PCOR opened at $73.25 on Friday. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The company has a 50-day moving average of $68.82 and a 200 day moving average of $70.44. The firm has a market capitalization of $10.93 billion, a price-to-earnings ratio of -85.17 and a beta of 0.89. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping 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 company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. During the same quarter in the previous year, the firm earned $0.30 EPS. Procore Technologies’s revenue was up 15.3% compared to the same quarter last year. On average, research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PCOR shares. Arete assumed coverage on Procore Technologies in a report on Monday, June 16th. They set a “buy” rating and a $91.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Scotiabank dropped their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a report on Thursday, April 24th. KeyCorp lowered their target price on shares of Procore Technologies from $96.00 to $77.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Finally, Piper Sandler decreased their price objective on shares of Procore Technologies from $110.00 to $75.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.39.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,035 shares of the company’s stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the transaction, the director owned 1,154,097 shares of the company’s stock, valued at $83,510,458.92. This represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the completion of the sale, the insider directly owned 97,557 shares in the company, valued at approximately $7,316,775. This trade represents a 4.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 671,723 shares of company stock valued at $43,802,902 in the last three months. 29.00% of the stock is currently owned by corporate insiders.

About Procore Technologies

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.