Kornitzer Capital Management Inc. KS Has $11 Million Holdings in Procore Technologies, Inc. $PCOR

Kornitzer Capital Management Inc. KS grew its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 13.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 193,000 shares of the company’s stock after buying an additional 23,200 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Procore Technologies were worth $11,001,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Alliancebernstein L.P. raised its stake in shares of Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after acquiring an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP grew its position in Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after acquiring an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP grew its position in Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the last quarter. Holocene Advisors LP increased its holdings in Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock valued at $144,906,000 after purchasing an additional 1,412,721 shares in the last quarter. Finally, Norges Bank acquired a new stake in Procore Technologies during the 4th quarter valued at $82,739,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Trading Down 1.5%

Shares of PCOR stock traded down $0.68 on Friday, reaching $43.34. 1,861,817 shares of the stock were exchanged, compared to its average volume of 3,215,262. The stock has a market cap of $6.54 billion, a PE ratio of -84.98 and a beta of 0.75. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a 50 day moving average price of $45.90 and a 200 day moving average price of $54.80.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million during 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.23 EPS. Equities research analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,775 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director directly owned 979,439 shares in the company, valued at approximately $42,037,521.88. This represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 dated Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the completion of the transaction, the chairman directly owned 919,704 shares in the company, valued at $41,515,438.56. This trade represents a 5.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 139,268 shares of company stock worth $6,622,714. Company insiders own 16.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PCOR shares. UBS Group cut their price target on Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a report on Wednesday, April 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Piper Sandler reduced their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Fourteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.33.

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.