Allspring Global Investments Holdings LLC Decreases Stake in Procore Technologies, Inc. (NASDAQ:PCOR)

Allspring Global Investments Holdings LLC lowered its position in Procore Technologies, Inc. (NASDAQ:PCORGet Rating) by 34.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 320,121 shares of the company’s stock after selling 166,959 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.24% of Procore Technologies worth $15,838,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. lifted its stake in Procore Technologies by 2.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 6,297 shares of the company’s stock worth $286,000 after acquiring an additional 175 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in Procore Technologies by 29.9% during the second quarter. First Horizon Advisors Inc. now owns 830 shares of the company’s stock worth $37,000 after purchasing an additional 191 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Procore Technologies by 2.0% during the second quarter. Victory Capital Management Inc. now owns 11,237 shares of the company’s stock worth $510,000 after purchasing an additional 220 shares in the last quarter. Captrust Financial Advisors raised its holdings in Procore Technologies by 55.8% during the second quarter. Captrust Financial Advisors now owns 916 shares of the company’s stock worth $42,000 after purchasing an additional 328 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Procore Technologies by 22.0% during the second quarter. Federated Hermes Inc. now owns 2,696 shares of the company’s stock worth $122,000 after purchasing an additional 486 shares in the last quarter. Hedge funds and other institutional investors own 82.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Jefferies Financial Group cut their price objective on shares of Procore Technologies from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, October 31st. Mizuho cut their target price on shares of Procore Technologies from $80.00 to $74.00 and set a “buy” rating on the stock in a report on Monday, October 17th. Piper Sandler cut their target price on shares of Procore Technologies from $67.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday. Barclays cut their target price on shares of Procore Technologies from $66.00 to $61.00 in a report on Tuesday, October 11th. Finally, Scotiabank began coverage on shares of Procore Technologies in a report on Monday, October 31st. They issued a “sector perform” rating and a $55.00 target price on the stock. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.86.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 6,172 shares of the business’s stock in a transaction dated Tuesday, November 29th. The shares were sold at an average price of $45.01, for a total value of $277,801.72. Following the completion of the transaction, the insider now owns 140,938 shares of the company’s stock, valued at approximately $6,343,619.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Benjamin C. Singer sold 6,172 shares of the business’s stock in a transaction dated Tuesday, November 29th. The shares were sold at an average price of $45.01, for a total value of $277,801.72. Following the completion of the transaction, the insider now owns 140,938 shares of the company’s stock, valued at approximately $6,343,619.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 24,200 shares of the company’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $54.30, for a total transaction of $1,314,060.00. Following the transaction, the chief executive officer now directly owns 3,658,887 shares of the company’s stock, valued at approximately $198,677,564.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 157,710 shares of company stock valued at $7,881,628. 40.00% of the stock is owned by insiders.

Procore Technologies Price Performance

Shares of NASDAQ PCOR opened at $50.84 on Thursday. The firm has a market capitalization of $7.02 billion, a P/E ratio of -25.82 and a beta of 0.54. Procore Technologies, Inc. has a one year low of $40.00 and a one year high of $75.36. The company’s fifty day moving average is $49.58 and its two-hundred day moving average is $51.89. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.60.

Procore Technologies (NASDAQ:PCORGet Rating) last released its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.02). Procore Technologies had a negative return on equity of 19.76% and a negative net margin of 40.15%. The business had revenue of $186.43 million during the quarter, compared to analysts’ expectations of $175.15 million. Analysts forecast that Procore Technologies, Inc. will post -1.68 EPS for the current fiscal year.

Procore Technologies Company Profile

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Procore Technologies, Inc provides 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 Management, 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.

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Institutional Ownership by Quarter for Procore Technologies (NASDAQ:PCOR)

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