Procore Technologies, Inc. $PCOR Shares Acquired by Assetmark Inc.

Key Points

• Assetmark Inc. raised its stake in Procore by 39.1% in Q4 to 128,239 shares (about $9.33M), and institutional investors now own 81.10% of the company with large position increases from firms like Vanguard and AllianceBernstein.
• Procore (NYSE:PCOR) beat the most recent quarter's EPS estimate ($0.37 vs. $0.35) and reported revenue of $349.1M (+15.6% YoY); the stock trades near $55.38, has a market cap of ~$8.31B and a negative PE of -82.66, while analysts hold a consensus "Moderate Buy" with an average target of $75.82 despite recent cuts.
• Insiders have been net sellers: Chairman Craig Courtemanche sold 56,122 shares and insiders sold a total of 155,718 shares (~$8.28M) last quarter, with insiders owning 21.5% of the stock.

Assetmark Inc. increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 39.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 128,239 shares of the company's stock after purchasing an additional 36,022 shares during the quarter. Assetmark Inc. owned 0.08% of Procore Technologies worth $9,328,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Procore Technologies by 6.2% during the third quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company's stock worth $900,823,000 after purchasing an additional 718,663 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock worth $362,560,000 after purchasing an additional 315,604 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Procore Technologies by 77.6% during the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock worth $248,066,000 after purchasing an additional 1,486,153 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company's stock worth $240,753,000 after purchasing an additional 360,207 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Trading Up 3.2%

NYSE:PCOR opened at $55.38 on Friday. The stock's 50 day moving average price is $54.80 and its 200 day moving average price is $65.69. Procore Technologies, Inc. has a 52-week low of $46.08 and a 52-week high of $82.32. The company has a market capitalization of $8.31 billion, a PE ratio of -82.66 and a beta of 0.85. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million during the quarter, compared to analysts' expectations of $340.80 million. During the same period last year, the firm earned $0.01 EPS. The company's quarterly revenue was up 15.6% compared to the same quarter last year. On average, research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PCOR. Canaccord Genuity Group decreased 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. UBS Group decreased their price target on Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a report on Tuesday, February 3rd. Barclays decreased their price target on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating for the company in a report on Friday, February 13th. Stifel Nicolaus decreased their price target on Procore Technologies from $85.00 to $63.00 and set a "buy" rating for the company in a report on Friday, February 13th. Finally, Zacks Research raised Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Fifteen analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $75.82.

Insiders Place Their Bets

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the completion of the transaction, the chairman directly owned 927,580 shares of the company's stock, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares of the company's stock, valued at $3,233,000. This trade represents a 6.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 155,718 shares of company stock worth $8,278,407 over the last quarter. 21.50% of the stock is owned by corporate insiders.

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.

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.