Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 556,766 shares of the company's stock after selling 26,497 shares during the period. Bank of New York Mellon Corp owned 0.37% of Procore Technologies worth $41,718,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its holdings in shares of Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock worth $214,377,000 after acquiring an additional 1,425,967 shares during the last quarter. Meritage Group LP lifted its stake in Procore Technologies by 66.6% during the third quarter. Meritage Group LP now owns 2,745,504 shares of the company's stock worth $169,453,000 after purchasing an additional 1,098,019 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after buying an additional 2,670,872 shares during the period. Janus Henderson Group PLC grew its stake in shares of Procore Technologies by 128.7% in the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company's stock valued at $142,267,000 after buying an additional 1,297,151 shares in the last quarter. Finally, Holocene Advisors LP raised its holdings in shares of Procore Technologies by 1.1% in the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company's stock valued at $115,623,000 after buying an additional 21,234 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

PCOR has been the subject of a number of research analyst reports. Scotiabank raised their target price on Procore Technologies from $70.00 to $85.00 and gave the company a "sector outperform" rating in a report on Friday, November 22nd. Jefferies Financial Group raised shares of Procore Technologies from a "hold" rating to a "buy" rating and raised their price objective for the company from $80.00 to $100.00 in a research note on Monday, January 6th. Robert W. Baird upped their target price on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. Canaccord Genuity Group raised their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, JMP Securities upped their price objective on Procore Technologies from $90.00 to $95.00 and gave the stock a "market outperform" rating in a research report on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $89.94.

Insider Transactions at Procore Technologies

In related news, CRO Lawrence Joseph Stack sold 12,000 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $82.92, for a total transaction of $995,040.00. Following the completion of the sale, the executive now owns 161,368 shares in the company, valued at $13,380,634.56. This represents a 6.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Howard Fu sold 2,642 shares of Procore Technologies stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $77.05, for a total transaction of $203,566.10. Following the completion of the transaction, the chief financial officer now owns 147,350 shares in the company, valued at approximately $11,353,317.50. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,953 shares of company stock worth $7,924,469. Corporate insiders own 29.00% of the company's stock.

Procore Technologies Stock Down 5.7 %

Procore Technologies stock traded down $4.14 during mid-day trading on Monday, hitting $69.12. The company had a trading volume of 1,331,886 shares, compared to its average volume of 1,358,245. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The business has a fifty day moving average of $77.88 and a 200 day moving average of $70.99. The stock has a market cap of $10.36 billion, a price-to-earnings ratio of -95.99 and a beta of 0.85.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The company had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal 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.