Comerica Bank Trims Position in Procore Technologies, Inc. $PCOR

Comerica Bank decreased its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 12.2% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 110,440 shares of the company’s stock after selling 15,365 shares during the period. Comerica Bank owned 0.07% of Procore Technologies worth $8,033,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Pictet Asset Management Holding SA lifted its stake in shares of Procore Technologies by 8.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,410 shares of the company’s stock valued at $1,266,000 after buying an additional 1,389 shares during the period. Sanctuary Advisors LLC lifted its stake in shares of Procore Technologies by 8.5% during the fourth quarter. Sanctuary Advisors LLC now owns 5,624 shares of the company’s stock valued at $409,000 after buying an additional 439 shares during the period. Vanguard Group Inc. lifted its stake in shares of Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of Procore Technologies by 1.4% during the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after buying an additional 202 shares during the period. Finally, Quent Long Short Global Small Cap Fund LP purchased a new position in shares of Procore Technologies during the fourth quarter valued at approximately $2,862,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

NYSE:PCOR opened at $55.90 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The company has a market cap of $8.43 billion, a P/E ratio of -83.43 and a beta of 0.85. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The firm’s 50 day moving average is $55.50 and its two-hundred day moving average is $64.70.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same quarter last year, the firm posted $0.01 earnings per share. Procore Technologies’s revenue was up 15.6% on a year-over-year basis. Analysts expect that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. BMO Capital Markets reduced their price objective on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. KeyCorp reduced their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Piper Sandler cut 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. Finally, Wall Street Zen raised shares of Procore Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, March 28th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.75.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total value of $294,622.83. Following the completion of the sale, the director owned 990,983 shares of the company’s stock, valued at $50,609,501.81. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the sale, the insider directly owned 64,660 shares of the company’s stock, valued at $3,233,000. The trade was a 6.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 148,026 shares of company stock valued at $7,783,734 over the last 90 days. Corporate insiders own 21.50% of the company’s stock.

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. 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.