Handelsinvest Investeringsforvaltning Reduces Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Handelsinvest Investeringsforvaltning decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 34.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,833 shares of the company’s stock after selling 1,990 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Procore Technologies were worth $315,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Procore Technologies by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 9,204,957 shares of the company’s stock valued at $637,167,000 after purchasing an additional 666,287 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Procore Technologies by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock valued at $309,926,000 after purchasing an additional 114,649 shares in the last quarter. Cadian Capital Management LP lifted its holdings in Procore Technologies by 22.9% during the fourth quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock valued at $257,384,000 after purchasing an additional 692,218 shares in the last quarter. Cerity Partners LLC lifted its holdings in Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after purchasing an additional 1,303,804 shares in the last quarter. Finally, Norges Bank purchased a new position in Procore Technologies during the fourth quarter valued at approximately $68,005,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insider Activity

In other news, CFO Howard Fu sold 1,441 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $71.02, for a total transaction of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at $13,648,481.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Howard Fu sold 1,441 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $71.02, for a total transaction of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at $13,648,481.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William Fred Fleming, Jr. sold 3,188 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $70.17, for a total transaction of $223,701.96. Following the completion of the sale, the senior vice president now directly owns 87,248 shares of the company’s stock, valued at $6,122,192.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 297,554 shares of company stock valued at $20,096,420. 29.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PCOR has been the topic of several research analyst reports. Barclays lowered their target price on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Piper Sandler lowered their target price on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Mizuho reissued a “neutral” rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. DA Davidson reissued a “buy” rating and issued a $95.00 target price on shares of Procore Technologies in a report on Thursday, March 14th. Finally, TD Cowen began coverage on shares of Procore Technologies in a report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $81.19.

Procore Technologies Trading Up 1.1 %

PCOR stock opened at $68.70 on Thursday. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35. The stock has a market capitalization of $10.05 billion, a price-to-earnings ratio of -71.56 and a beta of 0.75. The firm’s fifty day simple moving average is $67.21 and its two-hundred day simple moving average is $71.46.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. The business had revenue of $269.43 million for the quarter, compared to analysts’ expectations of $263.13 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. As a group, analysts anticipate that Procore Technologies, Inc. will post -0.35 earnings per share for the current year.

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.