Franklin Resources Inc. Reduces Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Franklin Resources Inc. lowered its position in Procore Technologies, Inc. (NYSE:PCOR) by 18.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 917,061 shares of the company’s stock after selling 209,928 shares during the period. Franklin Resources Inc.’s holdings in Procore Technologies were worth $63,479,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Assetmark Inc. increased its position in shares of Procore Technologies by 3.7% in the fourth quarter. Assetmark Inc. now owns 59,193 shares of the company’s stock valued at $4,097,000 after buying an additional 2,118 shares in the last quarter. GW&K Investment Management LLC acquired a new stake in shares of Procore Technologies during the fourth quarter valued at $52,130,000. Trexquant Investment LP boosted its stake in shares of Procore Technologies by 7.3% during the fourth quarter. Trexquant Investment LP now owns 51,058 shares of the company’s stock valued at $3,534,000 after acquiring an additional 3,474 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Procore Technologies by 39.4% during the fourth quarter. Corient Private Wealth LLC now owns 10,459 shares of the company’s stock valued at $724,000 after acquiring an additional 2,958 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Procore Technologies by 53.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,031 shares of the company’s stock valued at $1,040,000 after acquiring an additional 5,228 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. BMO Capital Markets decreased their price objective on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 2nd. Stifel Nicolaus increased their price objective on Procore Technologies from $64.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 16th. KeyCorp raised their price target on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. JMP Securities raised their price target on Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group raised their price target on Procore Technologies from $74.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $81.79.

Procore Technologies Trading Up 0.9 %

Shares of NYSE PCOR traded up $0.58 during midday trading on Friday, hitting $68.75. The stock had a trading volume of 773,781 shares, compared to its average volume of 1,499,762. The company has a market capitalization of $10.06 billion, a price-to-earnings ratio of -71.59 and a beta of 0.78. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $73.51 and a 200 day moving average price of $69.78.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.15. The business had revenue of $269.43 million for the quarter, compared to the consensus estimate of $263.13 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. On average, analysts predict that Procore Technologies, Inc. will post -0.35 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $79.19, for a total transaction of $5,384,920.00. Following the sale, the chief executive officer now directly owns 535,749 shares in the company, valued at approximately $42,425,963.31. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $79.19, for a total transaction of $5,384,920.00. Following the sale, the chief executive officer now directly owns 535,749 shares in the company, valued at approximately $42,425,963.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $78.26, for a total value of $234,780.00. Following the sale, the insider now owns 101,865 shares in the company, valued at $7,971,954.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 473,740 shares of company stock worth $36,515,188. 39.20% of the stock is currently owned by company insiders.

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.