Zevenbergen Capital Investments LLC Acquires 91,680 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Zevenbergen Capital Investments LLC increased its holdings in Procore Technologies by 101.2%, acquiring an additional 91,680 shares, raising its total ownership to approximately 182,275 shares valued at $12.03 million.
• Procore Technologies reported $0.35 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.24, with a revenue of $323.92 million, up 13.9% year-over-year.
• Institutional investors hold a significant 81.10% of Procore's stock, with analysts giving it a consensus rating of "Moderate Buy" and a target price of $83.06.

Zevenbergen Capital Investments LLC grew its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 101.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 182,275 shares of the company's stock after purchasing an additional 91,680 shares during the quarter. Zevenbergen Capital Investments LLC owned approximately 0.12% of Procore Technologies worth $12,034,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Ancora Advisors LLC grew its position in shares of Procore Technologies by 10,625.0% in the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after buying an additional 850 shares during the last quarter. Versant Capital Management Inc grew its position in shares of Procore Technologies by 174.2% in the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after buying an additional 636 shares during the last quarter. GeoWealth Management LLC purchased a new position in shares of Procore Technologies in the 4th quarter worth approximately $78,000. Signaturefd LLC grew its position in shares of Procore Technologies by 53.4% in the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after buying an additional 419 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Procore Technologies by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after buying an additional 497 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Performance

PCOR opened at $62.39 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.19. The firm has a fifty day moving average price of $69.27 and a 200 day moving average price of $69.72. Procore Technologies, Inc. has a 1 year low of $52.60 and a 1 year high of $88.92. The stock has a market cap of $9.37 billion, a P/E ratio of -64.99 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted 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. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same period in the previous year, the business posted $0.39 EPS. The business's revenue was up 13.9% compared to the same quarter last year. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of analyst reports. Mizuho lifted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. BMO Capital Markets boosted their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research 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. Stifel Nicolaus boosted their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, JMP Securities reissued a "market perform" rating and set a $95.00 target price on shares of Procore Technologies in a research report on Friday, August 1st. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.06.

Insider Transactions at Procore Technologies

In related news, Director Kathryn Bueker sold 7,000 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total value of $507,010.00. Following the completion of the transaction, the director directly owned 16,932 shares in the company, valued at $1,226,384.76. The trade was a 29.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the transaction, the insider owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 671,447 shares of company stock worth $43,813,243. Insiders own 29.00% of the company's stock.

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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