Wellington Management Group LLP Raises Stake in Procore Technologies, Inc. $PCOR

Wellington Management Group LLP increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 8.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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’s holdings in Procore Technologies were worth $140,166,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. increased its stake in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies in the 3rd quarter worth approximately $34,000. Allworth Financial LP grew its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the last quarter. Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies in the 4th quarter worth approximately $54,000. Finally, Global Retirement Partners LLC increased its position in Procore Technologies by 116.2% during the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after buying an additional 453 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 15,386 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the transaction, the director owned 946,746 shares in the company, valued at $52,004,757.78. The trade was a 1.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 224,200 shares of company stock worth $11,136,134. 16.80% of the stock is owned by corporate insiders.

Procore Technologies Stock Performance

Procore Technologies stock opened at $62.82 on Tuesday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The stock has a fifty day moving average of $50.78 and a 200 day moving average of $51.59. The stock has a market cap of $9.55 billion, a PE ratio of -241.62 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The business 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 for the quarter was up 15.8% on a year-over-year basis. During the same period last year, the firm posted $0.35 earnings per share. As a group, sell-side analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on PCOR. BTIG Research reiterated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. UBS Group increased their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Barclays raised their price target on Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. BMO Capital Markets upped their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, TD Cowen cut their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.44.

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.