Assenagon Asset Management S.A. Sells 633,509 Shares of Procore Technologies, Inc. $PCOR

Assenagon Asset Management S.A. lessened its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 15.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,404,465 shares of the company’s stock after selling 633,509 shares during the period. Assenagon Asset Management S.A. owned approximately 2.19% of Procore Technologies worth $247,641,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Global Retirement Partners LLC grew its stake in Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies during the 3rd quarter valued at $34,000. Jones Financial Companies Lllp raised its stake in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares during the period. First Horizon Corp bought a new stake in shares of Procore Technologies during the 3rd quarter worth $49,000. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Procore Technologies in the 3rd quarter worth about $57,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Performance

NYSE PCOR opened at $58.81 on Tuesday. The firm has a market cap of $8.83 billion, a P/E ratio of -87.77 and a beta of 0.90. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average is $57.60 and its 200-day moving average is $67.88. Procore Technologies, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. During the same period in the previous year, the business earned $0.01 EPS. Procore Technologies’s revenue was up 15.6% compared to the same quarter last year. Sell-side analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider owned 64,660 shares of the company’s stock, valued at $3,233,000. The trade was a 6.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Howard Fu sold 814 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $72.99, for a total transaction of $59,413.86. Following the completion of the sale, the chief financial officer directly owned 178,237 shares in the company, valued at approximately $13,009,518.63. The trade was a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 94,641 shares of company stock worth $5,369,546. Company insiders own 21.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on PCOR shares. TD Cowen increased their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 13th. KeyCorp dropped their target price on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. UBS Group decreased their price target on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Finally, Barclays lowered their price target on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.05.

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.