Cooper Investors PTY Ltd. Lowers Stake in Procore Technologies, Inc. $PCOR

Cooper Investors PTY Ltd. cut its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 98.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,536 shares of the company’s stock after selling 93,779 shares during the quarter. Cooper Investors PTY Ltd.’s holdings in Procore Technologies were worth $112,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PCOR. Global Retirement Partners LLC raised its stake in shares of Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies in the third quarter valued at approximately $34,000. Jones Financial Companies Lllp grew its holdings in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the period. First Horizon Corp acquired a new position in Procore Technologies during the third quarter worth $49,000. Finally, Atlantic Union Bankshares Corp purchased a new position in Procore Technologies in the third quarter worth $57,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Price Performance

PCOR opened at $54.35 on Monday. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The company’s 50 day simple moving average is $56.43 and its 200 day simple moving average is $67.50. The stock has a market capitalization of $8.16 billion, a PE ratio of -81.13 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The business had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period last year, the company posted $0.01 EPS. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PCOR. KeyCorp dropped their price target on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. UBS Group lowered their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. DA Davidson cut their target price on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Finally, Wall Street Zen raised shares of Procore Technologies from a “hold” rating to a “buy” rating in a report on Saturday. Seventeen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $77.05.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 4,225 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the transaction, the insider directly owned 64,660 shares of the company’s stock, valued at approximately $3,233,000. The trade was a 6.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total transaction of $523,825.20. Following the completion of the sale, the director directly owned 1,012,136 shares of the company’s stock, valued at $55,141,169.28. This trade represents a 0.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 94,641 shares of company stock valued at $5,369,546. 21.50% of the stock is owned by company 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. 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.