Assenagon Asset Management S.A. Decreases Position in Procore Technologies, Inc. $PCOR

Assenagon Asset Management S.A. trimmed its stake in Procore Technologies, Inc. (NYSE:PCOR) by 33.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,251,981 shares of the company’s stock after selling 1,152,484 shares during the period. Assenagon Asset Management S.A.’s holdings in Procore Technologies were worth $128,363,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCOR. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies during the 3rd quarter valued at $34,000. V Square Quantitative Management LLC bought a new position in Procore Technologies during the fourth quarter valued at $41,000. Allworth Financial LP raised its stake in shares of Procore Technologies by 48.2% in 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 period. Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies in the fourth quarter valued at $54,000. Finally, Global Retirement Partners LLC lifted its holdings in shares of Procore Technologies by 116.2% in the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock worth $61,000 after acquiring an additional 453 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director directly owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider directly owned 96,723 shares of the company’s stock, valued at $4,836,150. This represents a 3.92% decrease in their position. 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 have sold 189,621 shares of company stock worth $9,054,472 in the last three months. Corporate insiders own 16.80% of the company’s stock.

Analyst Upgrades and Downgrades

PCOR has been the subject of a number of recent analyst reports. BTIG Research reaffirmed a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research note on Wednesday, May 6th. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. UBS Group decreased their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. TD Cowen dropped their target price on Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. Finally, Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Fourteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.33.

Procore Technologies Trading Down 0.2%

NYSE PCOR opened at $38.84 on Thursday. The company’s 50-day moving average price is $48.78 and its 200-day moving average price is $57.41. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $5.86 billion, a PE ratio of -76.15 and a beta of 0.73. Procore Technologies, Inc. has a 12 month low of $38.34 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last posted 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 period in the prior year, the business earned $0.23 EPS. The company’s quarterly revenue was up 15.7% on a year-over-year basis. Equities research analysts forecast that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

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. 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.