Arrowstreet Capital Limited Partnership Has $115.17 Million Position in Procore Technologies, Inc. $PCOR

Key Points

• Arrowstreet Capital boosted its Procore Technologies stake by 158.9% in the first quarter, ending with 2,020,531 shares worth about $115.17 million.
• Institutional ownership remains very high, with funds like Vanguard, Wasatch, Wellington, Principal Financial, and Capital World Investors also increasing their positions in the company.
• Analysts are mixed but mostly positive: the stock has a Moderate Buy consensus and a price target of $70.47, even as Procore recently missed EPS estimates while posting stronger-than-expected revenue growth.

Arrowstreet Capital Limited Partnership grew its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 158.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,020,531 shares of the company's stock after purchasing an additional 1,240,247 shares during the period. Arrowstreet Capital Limited Partnership owned about 1.34% of Procore Technologies worth $115,170,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its position in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company's stock valued at $957,150,000 after buying an additional 804,920 shares during the last quarter. Wasatch Advisors LP lifted its holdings in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock worth $362,560,000 after purchasing an additional 315,604 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Procore Technologies by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company's stock valued at $257,431,000 after buying an additional 137,171 shares during the period. Principal Financial Group Inc. increased its position in shares of Procore Technologies by 3.9% in the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company's stock worth $249,416,000 after purchasing an additional 127,256 shares during the period. Finally, Capital World Investors increased its holdings in Procore Technologies by 18.2% in the 4th quarter. Capital World Investors now owns 3,115,612 shares of the company's stock valued at $226,630,000 after buying an additional 480,513 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a report on Tuesday. Barclays lowered their target price on Procore Technologies from $65.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, July 13th. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective for the company in a research report on Wednesday, April 29th. BTIG Research reissued a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Friday. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $70.47.

Procore Technologies Stock Up 4.2%

Shares of NYSE:PCOR opened at $42.80 on Friday. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of -83.93 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. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32. The business's 50 day moving average is $44.49 and its 200 day moving average is $52.71.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analysts' expectations of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company's quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.23 earnings per share. On average, sell-side analysts forecast that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares of the company's stock, valued at $4,836,150. This represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by company insiders.

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.

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