Praesidium Investment Management Company LLC Has $23.96 Million Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Praesidium Investment Management Company LLC lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 7.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 319,763 shares of the company’s stock after selling 25,526 shares during the period. Procore Technologies makes up approximately 4.0% of Praesidium Investment Management Company LLC’s portfolio, making the stock its 10th largest position. Praesidium Investment Management Company LLC’s holdings in Procore Technologies were worth $23,960,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock worth $200,810,000 after acquiring an additional 2,670,872 shares during the last quarter. Capital World Investors raised its stake in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after buying an additional 2,555,612 shares during the period. Wellington Management Group LLP purchased a new position in shares of Procore Technologies during the 4th quarter valued at about $131,840,000. Assenagon Asset Management S.A. increased its holdings in Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after acquiring an additional 1,425,967 shares in the last quarter. Finally, Champlain Investment Partners LLC bought a new position in shares of Procore Technologies in the fourth quarter worth approximately $105,747,000. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Mizuho reduced their target price on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Macquarie decreased their target price on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. JMP Securities raised their price target on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday, February 18th. Finally, Jefferies Financial Group decreased their price objective on Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.24.

Procore Technologies Trading Down 1.1%

Shares of NYSE PCOR opened at $71.63 on Thursday. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. The firm has a market cap of $10.68 billion, a PE ratio of -99.48 and a beta of 0.90. The business has a fifty day simple moving average of $64.72 and a two-hundred day simple moving average of $72.49. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. Procore Technologies’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 earnings per share. Analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares in the company, valued at $17,480. This trade represents a 84.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Connor Kevin J. O sold 7,700 shares of Procore Technologies stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the sale, the director now owns 1,208,284 shares of the company’s stock, valued at approximately $68,473,454.28. The trade was a 0.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,142 shares of company stock worth $4,119,407. 29.00% of the stock is owned by corporate 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.