JPMorgan Chase & Co. Sells 2,985,741 Shares of Procore Technologies, Inc. $PCOR

JPMorgan Chase & Co. trimmed its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 91.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 296,841 shares of the company’s stock after selling 2,985,741 shares during the period. JPMorgan Chase & Co. owned 0.20% of Procore Technologies worth $21,646,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D grew its holdings in shares of Procore Technologies by 13.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 39,809 shares of the company’s stock worth $2,903,000 after purchasing an additional 4,735 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Procore Technologies by 35.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 22,247 shares of the company’s stock worth $1,622,000 after buying an additional 5,829 shares in the last quarter. HighTower Advisors LLC grew its holdings in Procore Technologies by 1.9% during the 3rd quarter. HighTower Advisors LLC now owns 20,886 shares of the company’s stock worth $1,523,000 after acquiring an additional 397 shares during the last quarter. Assetmark Inc. increased its position in Procore Technologies by 4.1% in the 3rd quarter. Assetmark Inc. now owns 92,217 shares of the company’s stock valued at $6,724,000 after acquiring an additional 3,620 shares in the last quarter. Finally, Connable Office Inc. acquired a new stake in Procore Technologies in the 3rd quarter valued at about $202,000. Institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.70, for a total transaction of $5,452,500.00. Following the completion of the transaction, the chairman owned 1,155,480 shares in the company, valued at approximately $84,003,396. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Howard Fu sold 814 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $72.99, for a total transaction of $59,413.86. Following the completion of the sale, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at $13,009,518.63. The trade was a 0.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 333,713 shares of company stock worth $23,704,857 over the last ninety days. Company insiders own 21.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Piper Sandler decreased their price target on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. BMO Capital Markets decreased their price objective on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. KeyCorp dropped their target price on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. DA Davidson decreased their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Finally, BTIG Research lowered their price objective on Procore Technologies from $88.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $76.95.

Procore Technologies Stock Down 1.4%

NYSE:PCOR opened at $55.03 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32. The stock’s fifty day simple moving average is $62.68 and its 200-day simple moving average is $68.92. The firm has a market capitalization of $8.26 billion, a P/E ratio of -82.13 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. The firm’s revenue was up 15.6% on a year-over-year basis. Equities research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

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. 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.