Short Interest in Procore Technologies, Inc. (NYSE:PCOR) Increases By 27.9%

Procore Technologies, Inc. (NYSE:PCOR) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 8,020,000 shares, a growth of 27.9% from the May 31st total of 6,270,000 shares. Based on an average trading volume of 1,370,000 shares, the days-to-cover ratio is presently 5.9 days. Approximately 6.0% of the shares of the stock are short sold.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 1,157 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the transaction, the chief financial officer now directly owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Procore Technologies news, CFO Howard Fu sold 1,157 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $65.00, for a total transaction of $75,205.00. Following the transaction, the chief financial officer now owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 6,410 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $79.20, for a total value of $507,672.00. Following the transaction, the director now directly owns 1,494,311 shares in the company, valued at approximately $118,349,431.20. The disclosure for this sale can be found here. Insiders have sold 233,964 shares of company stock valued at $16,011,712 in the last three months. 29.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently modified their holdings of the business. Cerity Partners LLC lifted its stake in Procore Technologies by 4,290.2% in the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after purchasing an additional 1,303,804 shares during the last quarter. Meritage Group LP acquired a new stake in Procore Technologies in the 1st quarter valued at about $106,738,000. William Blair Investment Management LLC acquired a new stake in Procore Technologies in the 1st quarter valued at about $91,158,000. Vanguard Group Inc. lifted its stake in Procore Technologies by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after purchasing an additional 995,757 shares during the last quarter. Finally, Norges Bank bought a new position in Procore Technologies in the 4th quarter valued at about $68,005,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $66.19 on Tuesday. The firm has a market cap of $9.68 billion, a PE ratio of -68.95 and a beta of 0.75. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35. The company has a fifty day moving average price of $67.33 and a 200 day moving average price of $71.48.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The company had revenue of $269.43 million during the quarter, compared to the consensus estimate of $263.13 million. Research analysts predict that Procore Technologies will post -0.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

PCOR has been the subject of several recent research reports. DA Davidson reiterated a “buy” rating and set a $95.00 target price on shares of Procore Technologies in a research report on Thursday, March 14th. Canaccord Genuity Group dropped their target price on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Piper Sandler dropped their target price on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Barclays dropped their target price on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Finally, Mizuho reiterated a “neutral” rating and set a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $80.94.

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.