Cache Advisors LLC Sells 21,616 Shares of Procore Technologies, Inc. $PCOR

Cache Advisors LLC trimmed its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 44.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,686 shares of the company’s stock after selling 21,616 shares during the period. Cache Advisors LLC’s holdings in Procore Technologies were worth $1,946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Huntington National Bank boosted its position in Procore Technologies by 52.2% during the third quarter. Huntington National Bank now owns 933 shares of the company’s stock valued at $68,000 after purchasing an additional 320 shares in the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of Procore Technologies by 7.0% during the third quarter. Artisan Partners Limited Partnership now owns 1,076,087 shares of the company’s stock worth $78,468,000 after buying an additional 70,523 shares during the period. Xponance Inc. grew its stake in Procore Technologies by 3.9% during the 3rd quarter. Xponance Inc. now owns 17,137 shares of the company’s stock valued at $1,250,000 after purchasing an additional 641 shares during the last quarter. Choreo LLC boosted its position in Procore Technologies by 9.7% in the third quarter. Choreo LLC now owns 4,116 shares of the company’s stock valued at $300,000 after buying an additional 364 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its stake in shares of Procore Technologies by 2.4% in the third quarter. Westfield Capital Management Co. LP now owns 1,540,265 shares of the company’s stock worth $112,316,000 after acquiring an additional 35,478 shares during the period. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Down 1.4%

Shares of Procore Technologies stock opened at $55.03 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32. The firm has a market capitalization of $8.26 billion, a PE ratio of -82.13 and a beta of 0.89. The firm’s 50-day moving average price is $62.68 and its 200 day moving average price is $68.90.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 earnings per share. On average, sell-side analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PCOR has been the topic of a number of analyst reports. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. TD Cowen increased their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Barclays cut their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. UBS Group lowered their target price on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Finally, Piper Sandler cut their price target on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $76.95.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 9,615 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the transaction, the director directly owned 1,012,136 shares of the company’s stock, valued at approximately $55,141,169.28. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the sale, the insider owned 64,660 shares of the company’s stock, valued at approximately $3,233,000. The trade was a 6.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 333,713 shares of company stock worth $23,704,857 over the last 90 days. Corporate insiders own 21.50% 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.