Allspring Global Investments Holdings LLC Sells 569,676 Shares of Procore Technologies, Inc. $PCOR

Allspring Global Investments Holdings LLC trimmed its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 85.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,252 shares of the company’s stock after selling 569,676 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.06% of Procore Technologies worth $5,347,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PCOR. SJS Investment Consulting Inc. lifted its stake in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the third quarter worth about $34,000. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the 4th quarter worth about $41,000. Allworth Financial LP lifted its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies in the 4th quarter valued at about $54,000. 81.10% of the stock is owned by institutional investors.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. This represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by company insiders.

Procore Technologies Trading Down 1.1%

Shares of NYSE PCOR opened at $41.18 on Friday. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The stock has a market cap of $6.21 billion, a price-to-earnings ratio of -80.75 and a beta of 0.75. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average is $44.56 and its 200-day moving average is $52.78.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. Procore Technologies’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. Equities research analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analyst Upgrades and Downgrades

PCOR has been the subject of a number of recent research reports. Barclays dropped their price target on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Guggenheim began coverage on shares of Procore Technologies in a report on Thursday. They set a “buy” rating and a $68.00 target price for the company. TD Cowen dropped their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. UBS Group cut their price target on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, Piper Sandler cut their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Seventeen research analysts have rated the stock with a Buy rating, three have given 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 an average rating of “Moderate Buy” and a consensus price target of $70.47.

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.