Kornitzer Capital Management Inc. KS Acquires 39,000 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Kornitzer Capital Management Inc. KS grew its stake in Procore Technologies, Inc. (NYSE:PCOR) by 38.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,800 shares of the company’s stock after purchasing an additional 39,000 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Procore Technologies were worth $9,336,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Signaturefd LLC lifted its holdings in Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares during the last quarter. Rothschild Investment LLC bought a new position in Procore Technologies during the second quarter worth about $51,000. Cullen Frost Bankers Inc. acquired a new stake in Procore Technologies in the 4th quarter worth about $62,000. Advisors Asset Management Inc. boosted its holdings in Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after purchasing an additional 297 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. TD Cowen started coverage on Procore Technologies in a research report on Wednesday, June 12th. They set a “buy” rating and a $85.00 price target on the stock. Macquarie restated a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. Barclays cut shares of Procore Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $78.00 to $54.00 in a research report on Friday, August 2nd. KeyCorp decreased their target price on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, The Goldman Sachs Group reduced their price target on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.31.

Procore Technologies Trading Down 0.9 %

Shares of PCOR stock opened at $55.38 on Friday. The stock has a 50-day moving average of $62.64 and a 200-day moving average of $68.92. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. The stock has a market cap of $8.18 billion, a price-to-earnings ratio of -57.69 and a beta of 0.73. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.14. The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The company’s revenue was up 24.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.28) earnings per share. On average, equities research analysts forecast that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Insider Activity

In other news, Director Graham Smith sold 1,787 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $117,370.16. Following the completion of the sale, the director now owns 46,620 shares in the company, valued at $3,062,001.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Graham Smith sold 1,787 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $65.68, for a total value of $117,370.16. Following the completion of the transaction, the director now directly owns 46,620 shares of the company’s stock, valued at $3,062,001.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $66.71, for a total value of $342,088.88. Following the completion of the transaction, the director now directly owns 1,468,671 shares in the company, valued at approximately $97,975,042.41. The disclosure for this sale can be found here. Insiders sold a total of 173,675 shares of company stock worth $10,893,468 in the last three months. Company insiders own 29.00% 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.