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

Stephens Investment Management Group LLC lifted its stake in Procore Technologies, Inc. (NYSE:PCOR) by 20.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 440,585 shares of the company’s stock after buying an additional 75,436 shares during the period. Stephens Investment Management Group LLC’s holdings in Procore Technologies were worth $32,048,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PCOR. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies in the 3rd quarter valued at $34,000. Jones Financial Companies Lllp grew its position in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Procore Technologies in the 4th quarter valued at $41,000. Allworth Financial LP grew its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the last quarter. Finally, First Horizon Corp purchased a new position in Procore Technologies during the 3rd quarter worth $49,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Stock Down 0.2%

Shares of NYSE:PCOR opened at $46.44 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a fifty-two week low of $45.02 and a fifty-two week high of $82.32. The firm’s 50-day simple moving average is $54.91 and its 200-day simple moving average is $63.18. The company has a market cap of $7.01 billion, a price-to-earnings ratio of -91.05 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter last year, the business earned $0.23 EPS. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, equities research analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on PCOR shares. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. KeyCorp lowered their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. BTIG Research reissued a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Barclays lowered their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.56.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total value of $294,622.83. Following the completion of the sale, the director owned 990,983 shares in the company, valued at $50,609,501.81. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 Monday, May 11th. The shares were sold at an average price of $51.06, for a total transaction of $2,865,589.32. Following the completion of the sale, the chairman owned 927,580 shares of the company’s stock, valued at $47,362,234.80. This trade represents a 5.71% 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. Insiders sold 204,148 shares of company stock worth $10,649,323 over the last 90 days. Company insiders own 16.80% of the company’s stock.

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.