Wellington Management Group LLP Increases Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Wellington Management Group LLP increased its ownership of Procore Technologies by 25.6% in Q1, owning a total of 2,210,749 shares valued at approximately $145.9 million.
• Insider trading activity included Benjamin C. Singer selling 4,500 shares for $337,500, and William J.G. Griffith selling 309,168 shares valued at over $20 million.
• Procore Technologies reported revenue of $323.92 million in its recent earnings, exceeding analyst expectations of $311.91 million, and analysts project a consensus price target of $83.06 for the stock.

Wellington Management Group LLP increased its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 25.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,210,749 shares of the company's stock after acquiring an additional 451,238 shares during the quarter. Wellington Management Group LLP owned about 1.48% of Procore Technologies worth $145,954,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted 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 worth $215,195,000 after acquiring an additional 1,492,869 shares during the period. Principal Financial Group Inc. lifted 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 buying an additional 82,311 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of 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 buying an additional 322,367 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of Procore Technologies by 7.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock worth $124,067,000 after buying an additional 126,070 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Procore Technologies by 11.9% during the 1st quarter. Invesco Ltd. now owns 1,524,010 shares of the company's stock worth $100,615,000 after buying an additional 162,187 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Up 4.8%

Shares of PCOR traded up $3.0790 during trading hours on Friday, reaching $67.7590. The stock had a trading volume of 2,906,259 shares, compared to its average volume of 2,412,672. Procore Technologies, Inc. has a 12 month low of $52.78 and a 12 month high of $88.92. The firm has a 50-day simple moving average of $68.94 and a 200 day simple moving average of $68.73. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $10.18 billion, a price-to-earnings 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, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The company had revenue of $323.92 million for the quarter, compared to analysts' expectations of $311.91 million. During the same period last year, the business earned $0.39 EPS. Procore Technologies's quarterly revenue was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the transaction, the insider directly owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Lawrence Joseph Stack sold 2,500 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $65.33, for a total value of $163,325.00. Following the transaction, the executive 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 disclosure for this sale can be found here. In the last quarter, insiders sold 664,449 shares of company stock worth $43,235,011. 21.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on PCOR. JMP Securities restated a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a report on Friday, August 1st. Barclays increased their price target on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Mizuho increased their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Citizens Jmp cut Procore Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 1st. Finally, Stifel Nicolaus increased their price target on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

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.