Sterling Capital Management LLC Reduces Position in Procore Technologies, Inc. (NYSE:PCOR)

Sterling Capital Management LLC lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 11.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,701 shares of the company’s stock after selling 212 shares during the quarter. Sterling Capital Management LLC’s holdings in Procore Technologies were worth $127,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the company. Diversified Trust Co lifted its stake in Procore Technologies by 157.1% during the 4th quarter. Diversified Trust Co now owns 50,649 shares of the company’s stock valued at $3,795,000 after acquiring an additional 30,948 shares during the period. US Bancorp DE lifted its holdings in shares of Procore Technologies by 18.8% in the 4th quarter. US Bancorp DE now owns 21,416 shares of the company’s stock valued at $1,605,000 after buying an additional 3,390 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Procore Technologies in the fourth quarter worth about $20,729,000. Barclays PLC grew its stake in shares of Procore Technologies by 49.1% during the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after purchasing an additional 22,734 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in Procore Technologies in the fourth quarter valued at $56,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Trading Down 3.6 %

Shares of NYSE PCOR opened at $56.27 on Tuesday. The stock has a fifty day simple moving average of $69.63 and a 200-day simple moving average of $72.28. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. The stock has a market capitalization of $8.44 billion, a PE ratio of -78.15 and a beta of 0.90. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 7,700 shares of the business’s stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total transaction of $436,359.00. Following the completion of the sale, the director now owns 1,208,284 shares in the company, valued at $68,473,454.28. The trade was a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the sale, the insider now owns 200 shares of the company’s stock, valued at $17,480. This represents a 84.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,482 shares of company stock valued at $4,952,759 in the last three months. 29.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PCOR has been the topic of several research analyst reports. Canaccord Genuity Group raised their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday, February 14th. UBS Group raised their price target on shares of Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Macquarie lowered their price target on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. JPMorgan Chase & Co. dropped their target price on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Finally, KeyCorp decreased their price target on shares of Procore Technologies from $96.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $85.76.

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.