Procore Technologies, Inc. $PCOR Stake Boosted by Long Path Partners LP

Key Points

• Long Path Partners LP increased its stake in Procore Technologies by 2.4%, making it the firm's second-largest position, with holdings worth $34.7 million.
• Several institutional investors, including JPMorgan Chase and Wellington Management Group, have significantly raised their stakes in Procore Technologies during the first quarter, contributing to a total institutional ownership of 81.1%.
• Analysts have mixed opinions on Procore Technologies, with a consensus rating of "Moderate Buy" and a price target averaging $83.06 after recent upgrades and downgrades in ratings.

Long Path Partners LP grew its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 2.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 525,876 shares of the company's stock after purchasing an additional 12,325 shares during the quarter. Procore Technologies comprises about 13.4% of Long Path Partners LP's holdings, making the stock its 2nd biggest holding. Long Path Partners LP owned about 0.35% of Procore Technologies worth $34,718,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in shares of Procore Technologies by 84.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after acquiring an additional 1,492,869 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Procore Technologies by 134.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock worth $77,901,000 after acquiring an additional 660,726 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Procore Technologies by 25.6% in the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after acquiring an additional 451,238 shares in the last quarter. Durable Capital Partners LP bought a new position in shares of Procore Technologies in the 4th quarter worth about $33,726,000. Finally, Nuveen LLC bought a new position in shares of Procore Technologies in the 1st quarter worth about $26,224,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded down $0.33 during trading on Friday, reaching $69.55. 1,087,881 shares of the company traded hands, compared to its average volume of 2,407,184. The firm has a 50 day simple moving average of $69.09 and a 200-day simple moving average of $68.47. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $10.45 billion, a PE ratio of -72.45 and a beta of 0.90. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92.

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

Insider Buying and Selling

In related news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm'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 transaction, the insider 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 8,035 shares of the firm'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 transaction of $581,412.60. Following the completion of the transaction, the director directly owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. The trade was a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 664,449 shares of company stock valued at $43,235,011 in the last 90 days. 21.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PCOR has been the subject of several research reports. Robert W. Baird increased their price target on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. BMO Capital Markets raised their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Barclays raised their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Arete initiated coverage on shares of Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 price objective for the company. Finally, Mizuho raised their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $83.06.

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.