Envestnet Portfolio Solutions Inc. Trims Holdings in Procore Technologies, Inc. $PCOR

Envestnet Portfolio Solutions Inc. lowered its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 22.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,434 shares of the company’s stock after selling 1,248 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Procore Technologies were worth $303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in shares of Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company’s stock valued at $215,195,000 after acquiring an additional 1,492,869 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Procore Technologies by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company’s stock valued at $182,365,000 after acquiring an additional 82,311 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Procore Technologies by 25.6% during the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company’s stock valued at $145,954,000 after acquiring an additional 451,238 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Procore Technologies by 7.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company’s stock valued at $124,067,000 after acquiring an additional 126,070 shares during the last quarter. Finally, RGM Capital LLC increased its stake in shares of Procore Technologies by 9.3% during the 1st quarter. RGM Capital LLC now owns 1,790,402 shares of the company’s stock valued at $118,202,000 after acquiring an additional 153,039 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Ratings Changes

PCOR has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market perform” rating and set a $95.00 price objective on shares of Procore Technologies in a research note on Friday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research note on Wednesday, October 8th. Mizuho increased their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. BMO Capital Markets lifted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Finally, Robert W. Baird boosted their price objective on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an “outperform” rating in a research note on Monday, July 28th. Fifteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $83.11.

Procore Technologies Stock Up 1.3%

Shares of NYSE:PCOR opened at $73.56 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52-week low of $53.71 and a 52-week high of $88.92. The company has a 50 day moving average of $70.55 and a two-hundred day moving average of $68.19. The company has a market capitalization of $11.05 billion, a price-to-earnings ratio of -76.62 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $172.21 million during the quarter. As a group, analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 814 shares of the stock in a transaction that occurred on Tuesday, October 21st. The shares were sold at an average price of $72.34, for a total value of $58,884.76. Following the completion of the sale, the chief financial officer owned 187,847 shares of the company’s stock, valued at $13,588,851.98. This trade represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $70.56, for a total transaction of $542,747.52. Following the completion of the sale, the director directly owned 1,115,637 shares of the company’s stock, valued at $78,719,346.72. This trade represents a 0.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,724 shares of company stock valued at $2,122,519 over the last 90 days. 21.50% of the stock is owned by corporate 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.