Assenagon Asset Management S.A. Reduces Stock Position in Procore Technologies, Inc. $PCOR

Key Points

• Assenagon Asset Management S.A. reduced its holdings in Procore Technologies by 5.6%, selling 135,347 shares and now owning approximately 1.53% of the company.
• A number of institutional investors, including Northwestern Mutual Wealth Management Co., significantly increased their stakes in Procore during the first quarter, reflecting growing interest in the stock.
• Analyst ratings for Procore Technologies vary, with a consensus price target currently sitting at $83.06, indicating a generally positive outlook among analysts.

Assenagon Asset Management S.A. reduced its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 5.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,286,976 shares of the company's stock after selling 135,347 shares during the period. Assenagon Asset Management S.A. owned 1.53% of Procore Technologies worth $156,475,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PCOR. JPMorgan Chase & Co. raised its position in Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after purchasing an additional 1,492,869 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Procore Technologies by 134.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock worth $77,901,000 after purchasing an additional 660,726 shares during the last quarter. Wellington Management Group LLP raised its position in Procore Technologies by 25.6% during the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after purchasing an additional 451,238 shares during the last quarter. Nuveen LLC bought a new position in Procore Technologies during the 1st quarter worth $26,224,000. Finally, Durable Capital Partners LP raised its position in Procore Technologies by 83.3% during the 1st quarter. Durable Capital Partners LP now owns 825,120 shares of the company's stock worth $54,474,000 after purchasing an additional 375,020 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 814 shares of the business's stock in a transaction that occurred on 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 8,035 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the transaction, the director owned 1,154,097 shares in the company, valued at $83,510,458.92. The trade was a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,817 shares of company stock worth $3,030,624 in the last 90 days. Insiders own 21.50% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Robert W. Baird raised their target price on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. DA Davidson initiated coverage on Procore Technologies in a research report on Monday, August 4th. They issued a "neutral" rating and a $70.00 price objective for the company. KeyCorp lifted their price objective on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Stifel Nicolaus lifted their price objective on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, JMP Securities reissued a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Stock Down 1.9%

PCOR stock traded down $1.35 during mid-day trading on Friday, reaching $71.33. 2,290,976 shares of the company traded hands, compared to its average volume of 1,342,401. The stock has a market cap of $10.71 billion, a price-to-earnings ratio of -74.30 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 fifty-two week low of $53.71 and a fifty-two week high of $88.92. The firm's 50 day moving average price is $69.11 and its 200 day moving average price is $67.42.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The business had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.15 EPS 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.