Jupiter Asset Management Ltd. Takes Position in Procore Technologies, Inc. $PCOR

Jupiter Asset Management Ltd. acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 13,118 shares of the company’s stock, valued at approximately $954,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after purchasing an additional 804,920 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP lifted its position in Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after acquiring an additional 315,604 shares during the last quarter. Principal Financial Group Inc. lifted its position in Procore Technologies by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after acquiring an additional 127,256 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Procore Technologies by 77.6% during the third 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. 81.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, the director directly owned 990,983 shares in the company, valued at approximately $50,609,501.81. The trade was a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 Monday, May 11th. The stock was sold at an average price of $51.06, for a total transaction of $2,865,589.32. Following the sale, the chairman owned 927,580 shares of the company’s stock, valued at $47,362,234.80. The trade was a 5.71% decrease in their ownership of the stock. 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 have sold 181,826 shares of company stock valued at $9,486,036 over the last quarter. Insiders own 16.80% of the company’s stock.

Procore Technologies Trading Up 4.1%

NYSE:PCOR opened at $49.50 on Friday. Procore Technologies, Inc. has a 12 month low of $45.02 and a 12 month high of $82.32. The firm has a fifty day simple moving average of $52.82 and a 200-day simple moving average of $61.32. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $7.47 billion, a P/E ratio of -97.06 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last posted 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 return on equity of 2.24% and a negative net margin of 5.61%.The company had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the previous year, the firm posted $0.23 earnings per share. The company’s quarterly revenue was up 15.7% on a year-over-year basis. On average, equities research analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on PCOR shares. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Stifel Nicolaus decreased their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Piper Sandler decreased their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Finally, KeyCorp decreased their target price on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.

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.