Truist Financial Corp Sells 5,209 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Truist Financial Corp reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 8.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,708 shares of the company’s stock after selling 5,209 shares during the quarter. Truist Financial Corp’s holdings in Procore Technologies were worth $3,694,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PCOR. Wasatch Advisors LP purchased a new stake in shares of Procore Technologies in the fourth quarter worth $218,000. RMB Capital Management LLC increased its holdings in shares of Procore Technologies by 2.9% in the 4th quarter. RMB Capital Management LLC now owns 77,150 shares of the company’s stock worth $5,340,000 after purchasing an additional 2,175 shares in the last quarter. Greenstone Partners & Co. LLC raised its stake in shares of Procore Technologies by 26.9% in the fourth quarter. Greenstone Partners & Co. LLC now owns 282,958 shares of the company’s stock worth $19,586,000 after purchasing an additional 59,915 shares during the last quarter. Oracle Alpha Inc. bought a new position in shares of Procore Technologies during the fourth quarter valued at $677,000. Finally, Bullseye Asset Management LLC boosted its position in shares of Procore Technologies by 75.1% during the fourth quarter. Bullseye Asset Management LLC now owns 6,993 shares of the company’s stock valued at $484,000 after buying an additional 3,000 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PCOR shares. JMP Securities reduced their price target on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research note on Friday, August 2nd. Macquarie reiterated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. Scotiabank cut their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. The Goldman Sachs Group lowered their target price on Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Stifel Nicolaus cut their price target on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.13.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $59.40 on Wednesday. The firm’s 50 day simple moving average is $58.46 and its two-hundred day simple moving average is $65.82. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The company has a market capitalization of $8.69 billion, a P/E ratio of -61.88 and a beta of 0.73. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35.

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

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the transaction, the director now directly owns 1,360,848 shares of the company’s stock, valued at approximately $79,582,391.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the sale, the director now directly owns 1,360,848 shares of the company’s stock, valued at $79,582,391.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider now directly owns 106,705 shares in the company, valued at $7,469,350. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,890 shares of company stock worth $5,947,691. 29.00% of the stock is owned by corporate insiders.

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.