Jennison Associates LLC Acquires 46,355 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Jennison Associates LLC boosted its stake in Procore by 8.9% in Q4, buying 46,355 shares to hold 569,097 shares worth about $41.4 million, while institutional investors now own 81.1% of PCOR.
• Company insiders have been net sellers recently — Chairman Craig F. Jr. Courtemanche sold 56,122 shares and insiders disposed of 148,026 shares totaling $7.78 million over the last 90 days, leaving insiders with 21.5% ownership.
• Procore beat Q4 estimates with EPS of $0.37 (vs. $0.35) and revenue of $349.1M (up 15.6% YoY), but remains unprofitable (negative net margin and P/E); analysts' consensus is a Moderate Buy with an average target of $73.75.

Jennison Associates LLC grew its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 8.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 569,097 shares of the company's stock after buying an additional 46,355 shares during the quarter. Jennison Associates LLC owned 0.37% of Procore Technologies worth $41,396,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of PCOR. Alliancebernstein L.P. boosted its holdings in shares of Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock valued at $445,391,000 after purchasing an additional 5,079,534 shares during the period. Wasatch Advisors LP boosted its holdings in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock valued at $248,066,000 after purchasing an additional 1,486,153 shares during the period. Holocene Advisors LP boosted its holdings in shares of Procore Technologies by 245.9% in the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company's stock valued at $144,906,000 after purchasing an additional 1,412,721 shares during the period. Finally, Woodline Partners LP boosted its holdings in shares of Procore Technologies by 173.1% in the third quarter. Woodline Partners LP now owns 1,790,203 shares of the company's stock valued at $130,542,000 after purchasing an additional 1,134,657 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the sale, the insider owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the sale, the chairman owned 927,580 shares of the company's stock, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 148,026 shares of company stock worth $7,783,734 over the last 90 days. Company insiders own 21.50% of the company's stock.

Procore Technologies Stock Up 5.0%

Procore Technologies stock opened at $59.43 on Friday. The business has a fifty day moving average of $55.59 and a two-hundred day moving average of $64.65. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm has a market cap of $8.96 billion, a P/E ratio of -88.71 and a beta of 0.78. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. The company had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.Procore Technologies's revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.01 earnings per share. On average, analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PCOR has been the subject of a number of research reports. Canaccord Genuity Group lowered their price target on Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. DA Davidson cut their target price on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, February 13th. Zacks Research raised shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. BTIG Research reissued a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, March 11th. Finally, Stifel Nicolaus cut their target price on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and an average target price of $73.75.

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. 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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