Parnassus Investments LLC Has $9.71 Million Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Parnassus Investments LLC reduced its stake in Procore Technologies by 8.5%, owning about 0.10% of the company worth approximately $9.71 million after selling 13,682 shares.
• Multiple institutional investors, including the Teacher Retirement System of Texas and Brown Advisory Inc., significantly increased their holdings in Procore Technologies during the same quarter, indicating growing investor interest.
• Procore Technologies reported a quarterly revenue of $323.92 million, exceeding analyst expectations, with a year-over-year revenue growth of 13.9%.

Parnassus Investments LLC decreased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 8.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,079 shares of the company's stock after selling 13,682 shares during the quarter. Parnassus Investments LLC owned 0.10% of Procore Technologies worth $9,710,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew 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 purchasing an additional 1,492,869 shares in the last quarter. Principal Financial Group Inc. grew its stake in 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 in the last quarter. Janus Henderson Group PLC grew its stake in 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 in the last quarter. Wellington Management Group LLP grew its stake in Procore Technologies by 25.6% in the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock valued at $145,954,000 after purchasing an additional 451,238 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in 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 in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Performance

NYSE:PCOR traded up $0.55 during mid-day trading on Thursday, hitting $69.17. 1,044,903 shares of the company's stock traded hands, compared to its average volume of 1,486,387. The firm has a 50 day moving average of $69.19 and a two-hundred day moving average of $68.17. Procore Technologies, Inc. has a 12 month low of $52.78 and a 12 month high of $88.92. The firm has a market capitalization of $10.39 billion, a price-to-earnings ratio of -72.05 and a beta of 0.90. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. The firm had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PCOR has been the subject of several recent analyst reports. Robert W. Baird upped their price target on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Arete initiated coverage on Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 price target for the company. Mizuho upped their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. JMP Securities reiterated a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a research note on Friday, August 1st. Finally, Piper Sandler upped their price target on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the transaction, the director owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This represents a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the transaction, the insider directly owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 664,449 shares of company stock worth $43,235,011. 21.50% of the stock is currently owned by company insiders.

Procore Technologies 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.