Assenagon Asset Management S.A. Has $178.65 Million Position in Procore Technologies, Inc. $PCOR

Key Points

• Assenagon Asset Management nearly doubled its Procore Technologies stake during the second quarter, owning 4.4 million shares worth approximately $178.7 million, or 2.91% of the company. Institutional investors and hedge funds collectively hold 81.1% of PCOR.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $70.44, despite several firms lowering their targets. Ratings range from Strong Buy and Buy to one Sell recommendation.
• Procore exceeded quarterly expectations, reporting $0.47 in EPS versus a $0.42 consensus estimate and revenue of $375.2 million, up 15.8% year over year. However, insiders sold more than 212,000 shares worth about $10.1 million over the past 90 days.

Assenagon Asset Management S.A. increased its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 95.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,398,163 shares of the company's stock after acquiring an additional 2,146,182 shares during the quarter. Assenagon Asset Management S.A. owned approximately 2.91% of Procore Technologies worth $178,653,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. SJS Investment Consulting Inc. raised its holdings in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after purchasing an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the 3rd quarter worth about $34,000. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the 4th quarter valued at about $41,000. Allworth Financial LP grew its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies in the 4th quarter valued at about $54,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PCOR. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, July 21st. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. The Goldman Sachs Group decreased their price objective on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Finally, BTIG Research reiterated a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $70.44.

Procore Technologies Price Performance

PCOR opened at $55.63 on Friday. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The firm's fifty day moving average price is $45.52 and its two-hundred day moving average price is $51.33. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of -213.96 and a beta of 0.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The firm had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business's revenue was up 15.8% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. As a group, equities analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares of the company's stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $54.98, for a total value of $422,906.16. Following the completion of the sale, the director owned 939,054 shares in the company, valued at $51,629,188.92. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 212,699 shares of company stock valued at $10,059,907. 16.80% of the stock is owned by 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. 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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