Eventide Asset Management LLC Sells 18,071 Shares of Procore Technologies, Inc. $PCOR

Eventide Asset Management LLC reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 53.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,455 shares of the company’s stock after selling 18,071 shares during the period. Eventide Asset Management LLC’s holdings in Procore Technologies were worth $1,129,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Entropy Technologies LP bought a new stake in Procore Technologies in the fourth quarter valued at $232,000. Arrowstreet Capital Limited Partnership bought a new stake in Procore Technologies in the fourth quarter valued at $56,758,000. Kestra Advisory Services LLC increased its stake in Procore Technologies by 5.6% in the fourth quarter. Kestra Advisory Services LLC now owns 7,119 shares of the company’s stock valued at $518,000 after purchasing an additional 379 shares in the last quarter. Marshall Wace LLP bought a new stake in Procore Technologies in the fourth quarter valued at $3,541,000. Finally, The Manufacturers Life Insurance Company increased its stake in Procore Technologies by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 32,183 shares of the company’s stock valued at $2,341,000 after purchasing an additional 1,306 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PCOR shares. BTIG Research reissued a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, May 6th. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $72.56.

Procore Technologies Stock Up 0.0%

PCOR opened at $42.37 on Monday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of -83.07 and a beta of 0.73. Procore Technologies, Inc. has a twelve month low of $40.74 and a twelve month high of $82.32. The company’s 50-day moving average price is $50.99 and its two-hundred day moving average price is $59.37.

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

Insider Buying and Selling at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the sale, the chairman directly owned 927,580 shares in the company, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the sale, the director owned 990,983 shares in the company, valued at $50,609,501.81. The trade was a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 178,077 shares of company stock worth $8,564,311 over the last three months. 16.80% of the stock is currently owned by 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. 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.