Wellington Management Group LLP Buys 260,314 Shares of Procore Technologies, Inc. $PCOR

Wellington Management Group LLP increased its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 8.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,450,671 shares of the company's stock after acquiring an additional 260,314 shares during the period. Wellington Management Group LLP owned about 2.27% of Procore Technologies worth $140,166,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Argos Wealth Advisors LLC raised its holdings in shares of Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock valued at $294,000 after buying an additional 195 shares in the last quarter. Intellectus Partners LLC boosted its stake in Procore Technologies by 1.6% in the fourth quarter. Intellectus Partners LLC now owns 12,705 shares of the company's stock worth $924,000 after buying an additional 200 shares in the last quarter. Allworth Financial LP grew its position in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after acquiring an additional 204 shares during the last quarter. Vident Advisory LLC grew its position in Procore Technologies by 6.0% during the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company's stock valued at $281,000 after acquiring an additional 219 shares during the last quarter. Finally, George Kaiser Family Foundation raised its stake in shares of Procore Technologies by 0.5% during the fourth quarter. George Kaiser Family Foundation now owns 52,306 shares of the company's stock worth $3,805,000 after acquiring an additional 241 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 opened at $62.82 on Tuesday. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The stock has a 50 day simple moving average of $50.78 and a two-hundred day simple moving average of $51.59. The stock has a market cap of $9.55 billion, a P/E ratio of -241.62 and a beta of 0.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The firm had revenue of $375.21 million for the quarter, compared to analysts' expectations of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business's revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 earnings per share. Sell-side analysts predict that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PCOR shares. Jefferies Financial Group reduced their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, July 21st. Guggenheim assumed coverage on Procore Technologies in a report on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price objective on the stock. The Goldman Sachs Group lowered their target price on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. BMO Capital Markets increased their target price on Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Citigroup restated a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $70.44.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 15,386 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total value of $845,152.98. Following the completion of the transaction, the director directly owned 946,746 shares in the company, valued at approximately $52,004,757.78. This represents a 1.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the firm's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the sale, the insider directly owned 86,931 shares of the company's stock, valued at approximately $5,507,078.85. This represents a 4.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 224,200 shares of company stock valued at $11,136,134 in the last 90 days. 16.80% of the stock is 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. 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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