Artisan Partners Limited Partnership Has $78.47 Million Stake in Procore Technologies, Inc. $PCOR

Artisan Partners Limited Partnership boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 7.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,076,087 shares of the company’s stock after purchasing an additional 70,523 shares during the period. Artisan Partners Limited Partnership owned 0.69% of Procore Technologies worth $78,468,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its holdings in shares of Procore Technologies by 76.6% during 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 last quarter. Wasatch Advisors LP boosted its position in Procore Technologies by 58.4% during the 2nd 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 during the period. Norges Bank acquired a new stake in Procore Technologies during the 2nd quarter worth approximately $82,361,000. Champlain Investment Partners LLC grew its holdings in Procore Technologies by 73.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock worth $154,590,000 after acquiring an additional 955,450 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Procore Technologies by 6.2% in the 3rd quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock valued at $900,823,000 after acquiring an additional 718,663 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Trading Down 1.4%

Shares of PCOR stock opened at $55.03 on Friday. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.32. The stock has a 50 day simple moving average of $62.68 and a two-hundred day simple moving average of $68.86. The company has a market cap of $8.26 billion, a P/E ratio of -82.13 and a beta of 0.89.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping the consensus estimate 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 company had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same quarter last year, the firm posted $0.01 EPS. The company’s quarterly revenue was up 15.6% on a year-over-year basis. Research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 9,615 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $54.48, for a total transaction of $523,825.20. Following the transaction, the director owned 1,012,136 shares in the company, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin C. Singer sold 4,225 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the sale, the insider owned 64,660 shares of the company’s stock, valued at approximately $3,233,000. This represents a 6.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 333,713 shares of company stock valued at $23,704,857. 21.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PCOR shares. TD Cowen lifted their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, February 13th. KeyCorp cut their target price on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Zacks Research cut Procore Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. BMO Capital Markets lowered their price objective on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday, February 5th. Finally, Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Seventeen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $76.95.

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. 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.