Gavilan Investment Partners LLC Trims Position in Procore Technologies, Inc. $PCOR

Gavilan Investment Partners LLC lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 8.3% in the 1st quarter, Holdings Channel.com reports. The fund owned 385,000 shares of the company’s stock after selling 35,000 shares during the period. Procore Technologies makes up 5.9% of Gavilan Investment Partners LLC’s holdings, making the stock its 11th largest holding. Gavilan Investment Partners LLC’s holdings in Procore Technologies were worth $21,945,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. grew its position in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies in the third quarter worth $34,000. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the fourth quarter valued at $41,000. Allworth Financial LP boosted its stake in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the period. Finally, Employees Retirement System of Texas purchased a new position in Procore Technologies during the fourth quarter worth about $54,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares in the company, valued at $42,037,521.88. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is currently owned by corporate insiders.

Procore Technologies Price Performance

Shares of PCOR stock opened at $41.18 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The firm has a market cap of $6.21 billion, a P/E ratio of -80.75 and a beta of 0.75. The business’s 50 day moving average price is $44.56 and its 200-day moving average price is $52.78.

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

Analyst Ratings Changes

Several research firms recently weighed in on PCOR. UBS Group decreased their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Guggenheim initiated coverage on shares of Procore Technologies in a report on Thursday. They issued a “buy” rating and a $68.00 price target on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. Finally, Jefferies Financial Group dropped their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.47.

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. 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.