Procore Technologies, Inc. $PCOR Shares Bought by Stephens Investment Management Group LLC

Key Points

• Stephens Investment Management Group LLC increased its Procore Technologies stake by 20.7% in Q4, buying 75,436 additional shares and bringing its total to 440,585 shares valued at about $32.0 million.
• Procore reported Q1 earnings of $0.34 per share, missing analyst estimates by $0.02, while revenue of $359.28 million still came in above expectations and rose 15.7% year over year.
• Analysts remain cautiously positive overall: the stock has a Moderate Buy consensus rating with a $72.56 target price, though several firms have recently cut their price targets. Meanwhile, insiders have sold shares in recent months, including notable sales by a company insider and a director.

Stephens Investment Management Group LLC boosted its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 20.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 440,585 shares of the company's stock after buying an additional 75,436 shares during the quarter. Stephens Investment Management Group LLC owned 0.28% of Procore Technologies worth $32,048,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies during the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp lifted its holdings in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after buying an additional 199 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Procore Technologies during the 4th quarter worth approximately $41,000. Allworth Financial LP lifted its holdings in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after buying an additional 204 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in Procore Technologies during the 3rd quarter worth approximately $49,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of PCOR opened at $46.44 on Friday. Procore Technologies, Inc. has a twelve month low of $45.02 and a twelve month high of $82.32. The firm's fifty day simple moving average is $54.91 and its 200-day simple moving average is $63.18. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of -91.05 and a beta of 0.78. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the previous year, the business posted $0.23 earnings per share. Procore Technologies's revenue for the quarter was up 15.7% compared to the same quarter last year. Equities analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. BMO Capital Markets reduced their target price on shares of Procore Technologies from $87.00 to $67.00 and set an "outperform" rating on the stock in a report on Thursday, February 5th. Barclays reduced their target price on shares of Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, February 13th. Stifel Nicolaus reduced their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating on the stock in a report on Friday, February 13th. KeyCorp reduced their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, February 6th. Finally, DA Davidson reduced their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, February 13th. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.56.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total transaction of $523,825.20. Following the completion of the transaction, the director directly owned 1,012,136 shares in the company, valued at $55,141,169.28. This trade represents a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 204,148 shares of company stock valued at $10,649,323 in the last ninety days. Insiders own 16.80% of the company's stock.

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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