Allspring Global Investments Holdings LLC Acquires 92,526 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Allspring Global Investments Holdings LLC boosted its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 12.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 858,817 shares of the company’s stock after buying an additional 92,526 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.59% of Procore Technologies worth $56,948,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Tanager Wealth Management LLP lifted its stake in shares of Procore Technologies by 1.2% during the 2nd quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after buying an additional 150 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the last quarter. Fifth Third Bancorp boosted its position in Procore Technologies by 3.8% during the 1st quarter. Fifth Third Bancorp now owns 7,163 shares of the company’s stock valued at $589,000 after buying an additional 263 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Procore Technologies by 30.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after purchasing an additional 297 shares during the period. Finally, Covestor Ltd boosted its holdings in shares of Procore Technologies by 29.3% during the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock valued at $109,000 after buying an additional 300 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on PCOR shares. KeyCorp cut their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. The Goldman Sachs Group lowered their price target on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Stifel Nicolaus dropped their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Scotiabank decreased their price objective on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Finally, Barclays downgraded Procore Technologies from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $78.00 to $54.00 in a report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.31.

Insider Activity at Procore Technologies

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $66.17, for a total transaction of $4,499,560.00. Following the sale, the chief executive officer now directly owns 528,699 shares of the company’s stock, valued at approximately $34,984,012.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $66.17, for a total value of $4,499,560.00. Following the completion of the transaction, the chief executive officer now owns 528,699 shares in the company, valued at $34,984,012.83. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the insider now owns 106,705 shares in the company, valued at $7,469,350. The disclosure for this sale can be found here. Over the last three months, insiders sold 243,675 shares of company stock valued at $15,528,188. Insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $60.33 on Wednesday. The company has a market capitalization of $8.83 billion, a price-to-earnings ratio of -62.84 and a beta of 0.75. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The stock’s 50-day simple moving average is $63.47 and its 200-day simple moving average is $69.63. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The company had revenue of $284.30 million for the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. Procore Technologies’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.28) EPS. As a group, analysts expect that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Procore Technologies Company 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.