Alliancebernstein L.P. Has $445.39 Million Position in Procore Technologies, Inc. $PCOR

Alliancebernstein L.P. boosted its position in Procore Technologies, Inc. (NYSE:PCOR) by 493.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,107,945 shares of the company’s stock after buying an additional 5,079,534 shares during the quarter. Alliancebernstein L.P. owned approximately 3.93% of Procore Technologies worth $445,391,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of PCOR. Brighton Jones LLC acquired a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $511,000. Goldman Sachs Group Inc. increased its stake in Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after buying an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Procore Technologies by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after buying an additional 52,507 shares during the last quarter. Bank of Montreal Can lifted its position in Procore Technologies by 14.3% during the 2nd quarter. Bank of Montreal Can now owns 12,138 shares of the company’s stock worth $830,000 after buying an additional 1,523 shares in the last quarter. Finally, Vise Technologies Inc. acquired a new position in shares of Procore Technologies during the 2nd quarter worth about $293,000. Institutional investors own 81.10% of the company’s stock.

Insider Activity at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total value of $3,211,804.83. Following the transaction, the chairman directly owned 927,580 shares of the company’s stock, valued at $53,085,403.40. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following 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 position. The SEC filing for this sale provides additional information. Insiders have sold 95,437 shares of company stock valued at $5,428,784 in the last ninety days. Company insiders own 21.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PCOR shares. DA Davidson decreased their price objective on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Barclays lowered their price target on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. KeyCorp dropped their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Canaccord Genuity Group cut their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Finally, BMO Capital Markets decreased their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $77.05.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $57.13 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The stock has a 50 day moving average of $59.45 and a 200-day moving average of $68.33. The company has a market capitalization of $8.58 billion, a P/E ratio of -85.27 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results 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 return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter in the prior year, the business earned $0.01 EPS. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

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.