Stephens Investment Management Group LLC Buys 102,574 Shares of Procore Technologies, Inc. $PCOR

Stephens Investment Management Group LLC increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 23.3% in the first quarter, Holdings Channel.com reports. The firm owned 543,159 shares of the company’s stock after purchasing an additional 102,574 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Procore Technologies were worth $30,960,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Alliancebernstein L.P. raised its holdings 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 worth $445,391,000 after buying an additional 5,079,534 shares during the period. Wasatch Advisors LP grew its position in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $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% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after acquiring an additional 1,486,153 shares during the last quarter. Holocene Advisors LP increased its stake in Procore Technologies by 245.9% in the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after purchasing an additional 1,412,721 shares during the period. Finally, Norges Bank purchased a new stake in Procore Technologies in the fourth quarter worth $82,739,000. Institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on PCOR shares. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research note on Wednesday, April 29th. The Goldman Sachs Group reduced 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. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. UBS Group lowered their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Finally, Piper Sandler dropped 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 note on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $71.33.

Procore Technologies Price Performance

Shares of PCOR opened at $43.99 on Friday. The company has a 50 day moving average price of $47.02 and a 200-day moving average price of $55.83. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The stock has a market capitalization of $6.64 billion, a PE ratio of -86.26 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $359.28 million for 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 for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 earnings per share. Equities analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Procore Technologies stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at $41,515,438.56. This represents a 5.75% 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 a total of 195,390 shares of company stock worth $9,296,366 over the last 90 days. Company 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.