Allspring Global Investments Holdings LLC Boosts Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Allspring Global Investments Holdings LLC grew its stake in Procore Technologies, Inc. (NYSE:PCOR) by 85.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 766,291 shares of the company’s stock after purchasing an additional 353,794 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.53% of Procore Technologies worth $62,966,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Ellsworth Advisors LLC grew its position in shares of Procore Technologies by 3.0% in the fourth quarter. Ellsworth Advisors LLC now owns 5,901 shares of the company’s stock valued at $408,000 after purchasing an additional 170 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of Procore Technologies by 5.7% in the fourth quarter. Venturi Wealth Management LLC now owns 7,557 shares of the company’s stock valued at $523,000 after purchasing an additional 408 shares in the last quarter. Richelieu Gestion SA grew its position in shares of Procore Technologies by 1.6% in the first quarter. Richelieu Gestion SA now owns 26,001 shares of the company’s stock valued at $2,137,000 after purchasing an additional 408 shares in the last quarter. Private Advisor Group LLC grew its position in shares of Procore Technologies by 14.7% in the fourth quarter. Private Advisor Group LLC now owns 5,015 shares of the company’s stock valued at $347,000 after purchasing an additional 641 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Procore Technologies by 10.5% in the fourth quarter. Fifth Third Bancorp now owns 6,900 shares of the company’s stock valued at $478,000 after purchasing an additional 654 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. DA Davidson reiterated a “buy” rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Thursday, March 14th. Piper Sandler decreased their price objective on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Macquarie assumed coverage on Procore Technologies in a report on Wednesday, June 5th. They issued a “neutral” rating and a $70.00 price objective on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $85.00 price objective on shares of Procore Technologies in a report on Tuesday, June 11th. Finally, Mizuho reiterated a “neutral” rating and issued a $70.00 price objective (down from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $81.19.

Procore Technologies Stock Up 2.7 %

Procore Technologies stock opened at $67.98 on Wednesday. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35. The stock’s fifty day simple moving average is $67.26 and its 200-day simple moving average is $71.48. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $9.95 billion, a P/E ratio of -70.81 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The business had revenue of $269.43 million for the quarter, compared to analyst estimates of $263.13 million. As a group, equities analysts expect that Procore Technologies, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the sale, the chief executive officer now owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the transaction, the chief executive officer now owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Craig F. Jr. Courtemanche sold 22,483 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total value of $1,577,632.11. Following the completion of the transaction, the chief executive officer now directly owns 866,718 shares in the company, valued at approximately $60,817,602.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 233,964 shares of company stock valued at $16,011,712. 29.00% of the stock is currently owned by company insiders.

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.