Allspring Global Investments Holdings LLC Sells 11,517 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Procore Technologies by 1.0%, selling 11,517 shares during the second quarter, now holding 1,140,350 shares valued at approximately $79.46 million.
• Several institutional investors significantly increased their positions in Procore Technologies, with JPMorgan Chase & Co. boosting its stake by 84.5%, now owning over 3.25 million shares worth $215.2 million.
• Procore Technologies has seen a range of analyst ratings, with a consensus price target of $83.11, including a buy rating from Berenberg Bank and an upgraded target to $88.00 from Robert W. Baird.

Allspring Global Investments Holdings LLC decreased its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 1.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,140,350 shares of the company's stock after selling 11,517 shares during the period. Allspring Global Investments Holdings LLC owned 0.76% of Procore Technologies worth $79,460,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after purchasing an additional 1,492,869 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Procore Technologies by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after buying an additional 82,311 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Procore Technologies by 25.6% in the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock valued at $145,954,000 after buying an additional 451,238 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in Procore Technologies by 7.2% during the first quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock worth $124,067,000 after buying an additional 126,070 shares during the last quarter. Finally, RGM Capital LLC raised its position in Procore Technologies by 9.3% during the first quarter. RGM Capital LLC now owns 1,790,402 shares of the company's stock worth $118,202,000 after acquiring an additional 153,039 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

PCOR has been the subject of a number of analyst reports. Berenberg Bank initiated coverage on shares of Procore Technologies in a research report on Friday, October 3rd. They issued a "buy" rating and a $84.00 price objective for the company. Robert W. Baird boosted their price target on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Arete assumed coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 price objective on the stock. Citizens Jmp downgraded Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. Finally, KeyCorp increased their price target on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Fourteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $83.11.

Insider Activity

In other Procore Technologies news, CFO Howard Fu sold 814 shares of Procore Technologies stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $74.35, for a total value of $60,520.90. Following the transaction, the chief financial officer owned 197,457 shares in the company, valued at $14,680,927.95. The trade was a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $66.28, for a total value of $509,825.76. Following the transaction, the director directly owned 1,146,405 shares of the company's stock, valued at approximately $75,983,723.40. The trade was a 0.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,422 shares of company stock worth $1,685,658. Insiders own 21.50% of the company's stock.

Procore Technologies Price Performance

PCOR stock opened at $71.84 on Tuesday. The company's 50-day moving average price is $69.16 and its two-hundred day moving average price is $67.76. The firm has a market cap of $10.79 billion, a P/E ratio of -74.84 and a beta of 0.90. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $53.71 and a 12 month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share for the quarter. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The firm had revenue of $172.21 million for the quarter. On average, analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal 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.

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