Procore Technologies, Inc. $PCOR Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Procore Technologies stake by 0.7% in the third quarter, adding 32,494 shares to own 4.43 million shares worth approximately $229.2 million, or 2.92% of the company.
• Institutional investors own 81.1% of Procore, while company insiders have sold 222,271 shares worth about $12.5 million over the past 90 days.
• Procore exceeded quarterly earnings and revenue expectations, reporting $0.47 in EPS and $375.2 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $69.44, above the reported share price of $58.84.

Assenagon Asset Management S.A. increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,430,657 shares of the company's stock after acquiring an additional 32,494 shares during the quarter. Assenagon Asset Management S.A. owned about 2.92% of Procore Technologies worth $229,154,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. boosted its holdings in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after acquiring an additional 426 shares during the last quarter. Twin Tree Management LP acquired a new stake in Procore Technologies during the second quarter worth about $40,000. Global Retirement Partners LLC purchased a new position in Procore Technologies during the second quarter valued at approximately $52,000. Root Financial Partners LLC raised its position in Procore Technologies by 11,150.0% during the first quarter. Root Financial Partners LLC now owns 1,125 shares of the company's stock valued at $64,000 after acquiring an additional 1,115 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in Procore Technologies by 50.3% in the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company's stock valued at $64,000 after acquiring an additional 529 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Elisa Steele sold 1,500 shares of Procore Technologies stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the transaction, the director directly owned 58,371 shares of the company's stock, valued at $3,677,373. The trade was a 2.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $56.19, for a total transaction of $3,153,495.18. Following the sale, the chairman owned 908,316 shares of the company's stock, valued at $51,038,276.04. This represents a 5.82% 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. In the last 90 days, insiders have sold 222,271 shares of company stock valued at $12,450,532. 16.80% of the stock is currently owned by company insiders.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $58.84 on Friday. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The firm has a market capitalization of $8.94 billion, a PE ratio of -226.30 and a beta of 0.78. The business's 50 day moving average price is $56.39 and its 200-day moving average price is $51.31.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. The firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same period in the prior year, the company earned $0.35 EPS. The firm's revenue was up 15.8% compared to the same quarter last year. As a group, analysts expect that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. BTIG Research reaffirmed a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. DA Davidson set a $56.00 target price on shares of Procore Technologies in a research note on Monday, September 28th. UBS Group lifted their price target on Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, July 31st. BMO Capital Markets upped their price target on Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Finally, Piper Sandler assumed coverage on Procore Technologies in a report on Monday, September 28th. They issued an "overweight" rating and a $68.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $69.44.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company's products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.

Want to see what other hedge funds are holding PCOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procore Technologies, Inc. (NYSE:PCOR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.