Federated Hermes Inc. Lowers Stock Holdings in Procore Technologies, Inc. $PCOR

Federated Hermes Inc. reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 94.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,426 shares of the company’s stock after selling 287,793 shares during the quarter. Federated Hermes Inc.’s holdings in Procore Technologies were worth $1,198,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Global Retirement Partners LLC raised its stake in Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after buying an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies in the 3rd quarter worth about $34,000. First Horizon Corp purchased a new position in shares of Procore Technologies in the 3rd quarter worth about $49,000. TD Private Client Wealth LLC boosted its stake in Procore Technologies by 2,648.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 797 shares of the company’s stock worth $58,000 after purchasing an additional 768 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in Procore Technologies by 23.6% during the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock valued at $68,000 after purchasing an additional 179 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PCOR shares. KeyCorp lifted their target price on shares of Procore Technologies from $81.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. UBS Group reduced their price target on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday. Barclays raised Procore Technologies from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $82.00 to $90.00 in a research report on Monday, January 5th. William Blair reissued an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. Finally, DA Davidson upgraded Procore Technologies to a “hold” rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $83.11.

Insider Buying and Selling at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 22,000 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $78.77, for a total transaction of $1,732,940.00. Following the completion of the sale, the senior vice president owned 63,309 shares of the company’s stock, valued at $4,986,849.93. The trade was a 25.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Connor Kevin J. O sold 36,196 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $78.06, for a total value of $2,825,459.76. Following the completion of the transaction, the director directly owned 1,071,749 shares in the company, valued at approximately $83,660,726.94. This represents a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 690,703 shares of company stock worth $50,266,998. Insiders own 21.50% of the company’s stock.

Procore Technologies Price Performance

NYSE PCOR opened at $51.76 on Friday. Procore Technologies, Inc. has a 52 week low of $49.40 and a 52 week high of $88.92. The firm has a market capitalization of $8.05 billion, a P/E ratio of -61.61 and a beta of 0.89. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $70.21 and a 200-day moving average price of $70.83.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.10. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The company had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. During the same quarter last year, the firm posted $0.24 earnings per share. The firm’s revenue was up 14.5% compared to the same quarter last year. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Procore Technologies Company 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.