Invesco Ltd. Raises Stake in Procore Technologies, Inc. $PCOR

Key Points

• Invesco Ltd. has increased its stake in Procore Technologies, Inc. by 11.9%, owning 1,524,010 shares worth approximately $100.6 million as of the latest quarter.
• Insider selling was noted, with CRO Lawrence Joseph Stack selling 2,500 shares and Director William J.G. Griffith selling 309,168 shares, representing significant decreases in ownership.
• Procore Technologies reported earnings of $0.35 per share for the last quarter, exceeding analysts' expectations and showing a 13.9% increase in revenue year-over-year.

Invesco Ltd. increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,524,010 shares of the company's stock after purchasing an additional 162,187 shares during the quarter. Invesco Ltd. owned approximately 1.02% of Procore Technologies worth $100,615,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted 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 acquiring an additional 1,492,869 shares during the last quarter. Capital World Investors raised its position in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the period. Principal Financial Group Inc. raised its position in shares of Procore Technologies by 3.1% in the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after purchasing an additional 82,311 shares during the period. Janus Henderson Group PLC raised its position in shares of Procore Technologies by 14.0% in the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after purchasing an additional 322,367 shares during the period. Finally, Westfield Capital Management Co. LP raised its position in shares of Procore Technologies by 7.2% in the first quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock valued at $124,067,000 after purchasing an additional 126,070 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the sale, the director directly owned 1,154,097 shares of the company's stock, valued at approximately $83,510,458.92. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the sale, the insider directly owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 656,755 shares of company stock worth $42,751,179. 21.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PCOR. Scotiabank lowered their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. KeyCorp boosted their price target on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Barclays boosted their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Arete began coverage on shares of Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 price target on the stock. Finally, DA Davidson assumed coverage on shares of Procore Technologies in a research report on Monday, August 4th. They issued a "neutral" rating and a $70.00 price target on the stock. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Trading Up 1.3%

Shares of Procore Technologies stock traded up $0.84 during trading on Monday, reaching $66.10. The company's stock had a trading volume of 737,106 shares, compared to its average volume of 2,395,262. The company has a market cap of $9.93 billion, a price-to-earnings ratio of -68.86 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. The firm's 50-day moving average is $68.93 and its two-hundred day moving average is $69.01. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 EPS. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

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.