Stephens Investment Management Group LLC Raises Stock Holdings in Procore Technologies, Inc. $PCOR

Stephens Investment Management Group LLC boosted its stake in Procore Technologies, Inc. (NYSE:PCOR) by 19.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,149 shares of the company’s stock after purchasing an additional 59,923 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Procore Technologies were worth $26,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Wasatch Advisors LP increased its holdings in shares of Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after buying an additional 1,717,492 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Procore Technologies by 76.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after acquiring an additional 1,750,998 shares during the last quarter. JPMorgan Chase & Co. grew its position in Procore Technologies by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock worth $224,594,000 after acquiring an additional 23,038 shares in the last quarter. Champlain Investment Partners LLC increased its stake in Procore Technologies by 73.3% in the second quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock valued at $154,590,000 after acquiring an additional 955,450 shares during the last quarter. Finally, State Street Corp increased its stake in Procore Technologies by 3.1% in the second quarter. State Street Corp now owns 1,935,851 shares of the company’s stock valued at $132,451,000 after acquiring an additional 58,242 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PCOR shares. BTIG Research reiterated a “buy” rating and issued a $88.00 price objective on shares of Procore Technologies in a report on Wednesday, December 17th. Wall Street Zen upgraded Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Canaccord Genuity Group increased their price target on shares of Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Barclays upgraded shares of Procore Technologies from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $82.00 to $90.00 in a report on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $85.11.

Insider Buying and Selling

In related news, Director William J.G. Griffith sold 207,474 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the transaction, the director owned 3,244,546 shares in the company, valued at $234,580,675.80. The trade was a 6.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Howard Fu sold 814 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $72.99, for a total value of $59,413.86. Following the transaction, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at $13,009,518.63. The trade was a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 683,825 shares of company stock valued at $49,831,210 over the last ninety days. Corporate insiders own 21.50% of the company’s stock.

Procore Technologies Stock Down 3.8%

Shares of Procore Technologies stock opened at $68.20 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. Procore Technologies, Inc. has a 52-week low of $53.71 and a 52-week high of $88.92. The company’s 50 day moving average price is $74.13 and its 200-day moving average price is $72.00. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of -81.19 and a beta of 0.90.

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

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. 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.