Assenagon Asset Management S.A. Boosts Stock Position in Procore Technologies, Inc. $PCOR

Assenagon Asset Management S.A. increased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 95.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,398,163 shares of the company’s stock after buying an additional 2,146,182 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Procore Technologies were worth $178,653,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCOR. SJS Investment Consulting Inc. lifted its holdings in 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 purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the third quarter valued at about $34,000. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies in the fourth quarter worth about $41,000. Allworth Financial LP lifted its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies in the fourth quarter valued at approximately $54,000. 81.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 212,699 shares of company stock worth $10,059,907. 16.80% of the stock is currently owned by corporate insiders.

Procore Technologies Trading Down 0.1%

PCOR stock opened at $55.63 on Friday. The company’s 50 day moving average is $45.52 and its 200 day moving average is $51.33. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of -213.96 and a beta of 0.70. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. 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 previous year, the business posted $0.35 earnings per share. Procore Technologies’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PCOR. The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Jefferies Financial Group reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. TD Cowen decreased their price target on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. BMO Capital Markets increased their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Finally, UBS Group lifted their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.44.

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.