Janus Henderson Group PLC raised its holdings in Procore Technologies, Inc. (NYSE:PCOR – Free Report) by 11.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 947,990 shares of the company’s stock after acquiring an additional 94,274 shares during the quarter. Janus Henderson Group PLC’s holdings in Procore Technologies were worth $54,034,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. boosted its stake in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies during the third quarter valued at $34,000. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies during the 4th quarter worth about $41,000. Allworth Financial LP boosted its position in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies in the fourth quarter valued at $54,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.
Key Stories Impacting Procore Technologies
Here are the key news stories impacting Procore Technologies this week:
- Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
- Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
- Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
- Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
- Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
- Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy
Procore Technologies Trading Up 2.2%
Procore Technologies (NYSE:PCOR – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.72% and a negative net margin of 2.73%.The business had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. During the same period in the prior year, the company posted $0.35 EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. Sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on PCOR shares. TD Cowen lowered their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday. Guggenheim began coverage on Procore Technologies in a report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price on the stock. The Goldman Sachs Group dropped their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Jefferies Financial Group cut their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st. Finally, Piper Sandler reduced their price target on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.81.
Read Our Latest Stock Analysis on Procore Technologies
Insider Activity
In related news, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of Procore Technologies stock in a transaction on Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the transaction, the director owned 979,439 shares in the company, valued at approximately $42,037,521.88. This trade represents a 0.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock worth $8,791,847 over the last three months. Corporate insiders own 16.80% 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.
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