Allspring Global Investments Holdings LLC Reduces Holdings in Procore Technologies, Inc. $PCOR

Allspring Global Investments Holdings LLC cut its position in Procore Technologies, Inc. (NYSE:PCOR) by 45.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 621,112 shares of the company’s stock after selling 519,238 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Procore Technologies were worth $44,024,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PCOR. Northwestern Mutual Wealth Management Co. increased its stake in Procore Technologies by 277.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock worth $35,000 after buying an additional 385 shares during the period. Hilltop National Bank purchased a new position in Procore Technologies in the 2nd quarter valued at about $62,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Procore Technologies during the second quarter valued at about $68,000. Farther Finance Advisors LLC increased its position in shares of Procore Technologies by 304.5% during the third quarter. Farther Finance Advisors LLC now owns 1,537 shares of the company’s stock worth $112,000 after acquiring an additional 1,157 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Procore Technologies by 19.0% during the second quarter. Bessemer Group Inc. now owns 2,776 shares of the company’s stock worth $190,000 after acquiring an additional 443 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PCOR. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a report on Wednesday, October 8th. Wall Street Zen raised Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Canaccord Genuity Group increased their target price on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Piper Sandler raised their price target on shares of Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Finally, BMO Capital Markets upped their price target on shares of Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $84.67.

Procore Technologies Stock Performance

PCOR stock opened at $72.83 on Friday. The stock’s 50 day simple moving average is $74.54 and its 200 day simple moving average is $71.58. Procore Technologies, Inc. has a 12-month low of $53.71 and a 12-month high of $88.92. The firm has a market cap of $11.32 billion, a P/E ratio of -86.70 and a beta of 0.90. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. The business had revenue of $172.21 million during the quarter. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CRO Lawrence Joseph Stack sold 10,000 shares of Procore Technologies stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total value of $753,000.00. Following the completion of the transaction, the executive directly owned 184,128 shares in the company, valued at $13,864,838.40. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the transaction, the director directly owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. This trade represents a 6.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 690,703 shares of company stock worth $50,314,544. 21.50% 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.