Assenagon Asset Management S.A. Decreases Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Assenagon Asset Management cut its Procore Technologies stake by 33.9% in the first quarter, though it still owned 2.25 million shares worth about $128.4 million.
• Procore’s latest quarterly results beat revenue expectations but missed on earnings, with EPS of $0.34 versus the $0.36 estimate and revenue up 15.7% year over year to $359.3 million.
• Despite mixed financial results, Wall Street remains broadly upbeat: analysts maintain a Moderate Buy consensus on PCOR, with 14 Buy ratings and an average price target of $71.33.

Assenagon Asset Management S.A. trimmed its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 33.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,251,981 shares of the company's stock after selling 1,152,484 shares during the quarter. Assenagon Asset Management S.A. owned 1.50% of Procore Technologies worth $128,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC purchased a new position in Procore Technologies in the fourth quarter worth about $511,000. Goldman Sachs Group Inc. lifted its stake in shares of Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock worth $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of 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 worth $23,156,000 after purchasing an additional 52,507 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock worth $471,000 after buying an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after buying an additional 269 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. The trade was a 3.92% 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, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director directly owned 979,439 shares of the company's stock, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 189,621 shares of company stock worth $9,054,472. 16.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PCOR shares. Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th. Piper Sandler decreased their target price on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a report on Wednesday, May 6th. BTIG Research reiterated a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, May 6th. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target for the company in a report on Wednesday, April 29th. Finally, TD Cowen reduced their price target on Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, April 21st. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $71.33.

Procore Technologies Trading Down 0.2%

Shares of Procore Technologies stock opened at $38.84 on Thursday. Procore Technologies, Inc. has a fifty-two week low of $38.34 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $5.86 billion, a P/E ratio of -76.15 and a beta of 0.73. The company has a fifty day moving average of $48.78 and a 200 day moving average of $57.41.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted 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). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same period in the prior year, the business earned $0.23 earnings per share. Procore Technologies's revenue was up 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

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. 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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