Natixis Advisors LLC Sells 12,356 Shares of Procore Technologies, Inc. $PCOR

Natixis Advisors LLC reduced its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 24.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,335 shares of the company’s stock after selling 12,356 shares during the quarter. Natixis Advisors LLC’s holdings in Procore Technologies were worth $2,788,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PCOR. Alliancebernstein L.P. increased its holdings in shares of Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after acquiring an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP grew its holdings in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after buying an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Procore Technologies by 77.6% during the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after buying an additional 1,486,153 shares in the last quarter. Holocene Advisors LP grew its holdings in shares of Procore Technologies by 245.9% during the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after buying an additional 1,412,721 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Procore Technologies during the fourth quarter worth about $82,739,000. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. BTIG Research reiterated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, May 6th. TD Cowen decreased their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, April 21st. Piper Sandler decreased their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. The Goldman Sachs Group decreased their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Finally, Canaccord Genuity Group decreased their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.56.

Procore Technologies Stock Performance

PCOR opened at $45.78 on Wednesday. Procore Technologies, Inc. has a 12-month low of $44.70 and a 12-month high of $82.32. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of -89.76 and a beta of 0.73. The business has a 50 day moving average of $51.82 and a 200-day moving average of $59.96. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the business earned $0.23 earnings per share. The business’s quarterly revenue was up 15.7% on a year-over-year basis. On average, equities research analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, the director directly owned 990,983 shares of the company’s stock, valued at approximately $50,609,501.81. This trade represents a 0.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $51.06, for a total value of $2,865,589.32. Following the sale, the chairman directly owned 927,580 shares of the company’s stock, valued at approximately $47,362,234.80. The trade was a 5.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 121,955 shares of company stock valued at $6,030,964. Insiders own 16.80% of the company’s stock.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.