Procore Technologies, Inc. $PCOR Stake Raised 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 raised its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 2.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 525,876 shares of the company's stock after buying an additional 12,325 shares during the period. Procore Technologies makes up approximately 13.4% of Long Path Partners LP's portfolio, making the stock its 2nd largest position. Long Path Partners LP owned 0.35% of Procore Technologies worth $34,718,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of 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 acquiring an additional 1,492,869 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Procore Technologies by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock worth $182,365,000 after purchasing an additional 82,311 shares during the period. Janus Henderson Group PLC increased its holdings in Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock worth $196,873,000 after purchasing an additional 322,367 shares during the period. Wellington Management Group LLP raised its position in Procore Technologies by 25.6% in the 1st 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 boosted its stake in shares of Procore Technologies by 7.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock valued at $124,067,000 after buying an additional 126,070 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PCOR shares. Stifel Nicolaus upped their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. KeyCorp boosted their price target on shares of Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Citizens Jmp downgraded shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 1st. 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 report on Friday, August 1st. Finally, Robert W. Baird lifted their price objective on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $67.7590 on Monday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $52.78 and a 52 week high of $88.92. The firm's 50 day moving average is $68.94 and its two-hundred day moving average is $68.68. The firm has a market capitalization of $10.18 billion, a P/E ratio of -70.58 and a beta of 0.90.

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

Insider Activity

In other news, CRO Lawrence Joseph Stack sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $65.33, for a total transaction of $163,325.00. Following the transaction, the executive directly owned 208,288 shares in the company, valued at approximately $13,607,455.04. This trade represents a 1.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Connor Kevin J. O sold 8,035 shares of Procore Technologies stock in a transaction on Thursday, July 10th. The shares were 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 $83,510,458.92. The trade was a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 664,449 shares of company stock worth $43,235,011 over the last ninety days. 21.50% of the stock is owned by corporate insiders.

Procore Technologies Company 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.

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