Granite Investment Partners LLC Decreases Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Granite Investment Partners LLC lessened its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 20.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 91,983 shares of the company’s stock after selling 23,142 shares during the quarter. Granite Investment Partners LLC owned approximately 0.06% of Procore Technologies worth $6,099,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Procore Technologies during the fourth quarter worth about $68,005,000. Artisan Partners Limited Partnership lifted its stake in shares of Procore Technologies by 81.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock worth $45,200,000 after purchasing an additional 293,613 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in shares of Procore Technologies by 29.2% during the first quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock worth $6,232,000 after purchasing an additional 17,119 shares during the last quarter. M&G Plc purchased a new stake in shares of Procore Technologies in the first quarter valued at $8,798,000. Finally, Eventide Asset Management LLC acquired a new position in Procore Technologies in the fourth quarter valued at $3,302,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $59.49 on Friday. Procore Technologies, Inc. has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The firm has a market cap of $8.79 billion, a PE ratio of -61.97 and a beta of 0.73. The business has a 50 day moving average price of $60.62 and a two-hundred day moving average price of $67.57.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The business had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same period last year, the firm earned ($0.28) earnings per share. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. Sell-side analysts expect that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the sale, the chief executive officer now directly owns 527,349 shares of the company’s stock, valued at $34,588,820.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the sale, the chief executive officer now directly owns 527,349 shares in the company, valued at approximately $34,588,820.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Scott Davis sold 7,641 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total value of $496,665.00. Following the transaction, the insider now owns 209,837 shares of the company’s stock, valued at approximately $13,639,405. The disclosure for this sale can be found here. Insiders have sold 178,688 shares of company stock worth $11,111,941 over the last ninety days. 29.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on PCOR. KeyCorp decreased their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. DA Davidson downgraded Procore Technologies from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $90.00 to $60.00 in a report on Friday, August 2nd. BMO Capital Markets reduced their target price on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Barclays lowered Procore Technologies from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $78.00 to $54.00 in a research note on Friday, August 2nd. Finally, Piper Sandler reduced their price objective on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.31.

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.