Bank of New York Mellon Corp Sells 54,119 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Bank of New York Mellon Corp decreased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 9.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 502,647 shares of the company’s stock after selling 54,119 shares during the period. Bank of New York Mellon Corp’s holdings in Procore Technologies were worth $33,185,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in shares of Procore Technologies by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company’s stock valued at $182,365,000 after purchasing an additional 82,311 shares in the last quarter. Teacher Retirement System of Texas lifted its position in Procore Technologies by 89.5% during the 1st quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company’s stock valued at $1,318,000 after acquiring an additional 9,428 shares during the period. Peregrine Capital Management LLC lifted its position in Procore Technologies by 1.9% during the 1st quarter. Peregrine Capital Management LLC now owns 545,683 shares of the company’s stock valued at $36,026,000 after acquiring an additional 9,984 shares during the period. Amalgamated Bank lifted its position in Procore Technologies by 4.2% during the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company’s stock valued at $487,000 after acquiring an additional 295 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new position in Procore Technologies during the 1st quarter valued at about $237,000. Institutional investors own 81.10% of the company’s stock.

Insider Activity

In related news, insider Benjamin C. Singer sold 4,500 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $75.00, for a total transaction of $337,500.00. Following the sale, the insider owned 97,557 shares of the company’s stock, valued at $7,316,775. This trade represents a 4.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Connor Kevin J. O sold 8,035 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the sale, the director directly owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. The trade was a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 671,723 shares of company stock valued at $43,802,902 over the last three months. 29.00% of the stock is currently owned by corporate insiders.

Procore Technologies Trading Down 1.0%

Shares of PCOR stock opened at $70.85 on Wednesday. The stock’s fifty day moving average is $68.53 and its two-hundred day moving average is $70.44. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market capitalization of $10.57 billion, a P/E ratio of -82.38 and a beta of 0.89. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The firm had revenue of $310.63 million for the quarter, compared to analyst estimates of $302.66 million. During the same period in the previous year, the firm earned $0.30 EPS. Procore Technologies’s revenue was up 15.3% on a year-over-year basis. Research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Scotiabank cut their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group dropped their price target on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Mizuho dropped their price target on shares of Procore Technologies from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Finally, Stifel Nicolaus dropped their price target on shares of Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.39.

Procore Technologies 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.