Allspring Global Investments Holdings LLC Purchases 41,816 Shares of Procore Technologies, Inc. $PCOR

Allspring Global Investments Holdings LLC boosted its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 6.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 662,928 shares of the company’s stock after acquiring an additional 41,816 shares during the period. Allspring Global Investments Holdings LLC owned 0.43% of Procore Technologies worth $46,431,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Alliancebernstein L.P. boosted its holdings in Procore Technologies by 493.9% in the 3rd 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 during the period. Assenagon Asset Management S.A. increased its holdings in shares of Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after purchasing an additional 1,750,998 shares during the period. Wasatch Advisors LP raised its position in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after buying an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP boosted its stake 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 buying an additional 1,486,153 shares during the period. Finally, Holocene Advisors LP boosted its stake in Procore Technologies by 245.9% during the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock valued at $144,906,000 after buying an additional 1,412,721 shares during the period. Institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on PCOR. Barclays decreased 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. BMO Capital Markets decreased their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. Canaccord Genuity Group lowered their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. BTIG Research reissued a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research note on Wednesday, March 11th. Finally, Wall Street Zen upgraded Procore Technologies from a “hold” rating to a “buy” rating in a report on Saturday, March 28th. Sixteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.33.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the sale, the insider directly owned 64,660 shares of the company’s stock, valued at approximately $3,233,000. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $57.23, for a total value of $3,211,804.83. Following the completion of the sale, the chairman directly owned 927,580 shares in the company, valued at approximately $53,085,403.40. This represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 94,641 shares of company stock valued at $5,369,546. 21.50% of the stock is owned by company insiders.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $57.36 on Thursday. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The firm has a market capitalization of $8.61 billion, a P/E ratio of -85.61 and a beta of 0.85. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The business has a fifty day simple moving average of $55.92 and a two-hundred day simple moving average of $67.23.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping 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 firm had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same period in the prior year, the firm earned $0.01 EPS. The company’s revenue was up 15.6% compared to the same quarter last year. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.