Kornitzer Capital Management Inc. KS Sells 26,000 Shares of Procore Technologies, Inc. $PCOR

Kornitzer Capital Management Inc. KS lessened its position in Procore Technologies, Inc. (NYSE:PCOR) by 11.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 196,800 shares of the company’s stock after selling 26,000 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Procore Technologies were worth $14,351,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its stake in Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after purchasing an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies in the third quarter worth $34,000. First Horizon Corp bought a new stake in shares of Procore Technologies during the third quarter worth $49,000. TD Private Client Wealth LLC boosted its stake in shares of Procore Technologies by 2,648.3% during the third quarter. TD Private Client Wealth LLC now owns 797 shares of the company’s stock valued at $58,000 after purchasing an additional 768 shares during the period. Finally, Hilltop National Bank bought a new position in shares of Procore Technologies in the second quarter worth about $62,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $65.77 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $10.23 billion, a price-to-earnings ratio of -78.30 and a beta of 0.90. The firm has a 50 day moving average of $72.78 and a 200 day moving average of $71.71. Procore Technologies, Inc. has a 52 week low of $53.71 and a 52 week high of $88.92.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.10. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The business had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. During the same period last year, the business posted $0.24 EPS. The business’s revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PCOR shares. Robert W. Baird lifted their price objective on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. DA Davidson raised shares of Procore Technologies to a “hold” rating in a research note on Friday, November 7th. Barclays upgraded Procore Technologies from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $82.00 to $90.00 in a report on Monday, January 5th. BTIG Research reissued a “buy” rating and issued a $88.00 price objective on shares of Procore Technologies in a research note on Wednesday, December 17th. Finally, Canaccord Genuity Group lifted their target price on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $85.11.

Insiders Place Their Bets

In other Procore Technologies news, Director William J.G. Griffith sold 207,474 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the sale, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. This trade represents a 6.01% decrease in their ownership of the stock. The sale 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 7,692 shares of Procore Technologies stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $64.31, for a total transaction of $494,672.52. Following the completion of the transaction, the director directly owned 1,035,212 shares in the company, valued at $66,574,483.72. This represents a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 690,703 shares of company stock worth $50,266,998. Insiders own 21.50% of the company’s stock.

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. 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.