Stephens Investment Management Group LLC Increases Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Stephens Investment Management Group increased its stake in Procore Technologies by 23.3% in the first quarter, adding 102,574 shares and bringing its total holding to 543,159 shares worth about $31 million.
• Procore reported mixed quarterly results: revenue rose 15.7% year over year to $359.28 million and topped expectations, but EPS came in at $0.34, slightly below analyst estimates.
• Insider selling and cautious analyst sentiment remain notable, with several executives selling shares recently while Wall Street maintains a Moderate Buy rating and an average price target of $71.33.

Stephens Investment Management Group LLC grew its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 23.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 543,159 shares of the company's stock after buying an additional 102,574 shares during the quarter. Stephens Investment Management Group LLC owned 0.36% of Procore Technologies worth $30,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Argos Wealth Advisors LLC boosted its position in Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock worth $294,000 after purchasing an additional 195 shares during the last quarter. Intellectus Partners LLC increased its position in shares of Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company's stock valued at $912,000 after purchasing an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Procore Technologies by 1.4% in the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock worth $1,068,000 after purchasing an additional 202 shares during the period. Allworth Financial LP lifted its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Vident Advisory LLC lifted its stake in shares of Procore Technologies by 6.0% in the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company's stock worth $281,000 after purchasing an additional 219 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $43.99 on Friday. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of -86.26 and a beta of 0.75. The firm has a fifty day moving average price of $47.02 and a 200 day moving average price of $55.83. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

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

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the business's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total value of $241,894.17. Following the sale, the director directly owned 967,901 shares in the company, valued at approximately $40,584,088.93. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the transaction, the chairman owned 919,704 shares of the company's stock, valued at $41,515,438.56. This represents a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 195,390 shares of company stock valued at $9,296,366. 16.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Piper Sandler cut their target price on shares of Procore Technologies from $79.00 to $71.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. UBS Group decreased their price target on shares of Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. Citizens Jmp upgraded shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a research note on Wednesday, April 29th. BTIG Research reissued a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. Finally, TD Cowen reduced their price objective on Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.33.

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. 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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