Assenagon Asset Management S.A. Takes Position in Procore Technologies, Inc. (NYSE:PCOR)

Assenagon Asset Management S.A. purchased a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,435,057 shares of the company’s stock, valued at approximately $88,572,000. Assenagon Asset Management S.A. owned approximately 0.97% of Procore Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Tanager Wealth Management LLP increased its position in Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after acquiring an additional 150 shares during the last quarter. GAMMA Investing LLC increased its position in Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares during the last quarter. Taylor Frigon Capital Management LLC increased its position in Procore Technologies by 0.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock valued at $3,570,000 after acquiring an additional 180 shares during the last quarter. Signaturefd LLC increased its position in Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after acquiring an additional 216 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after acquiring an additional 260 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Procore Technologies Price Performance

Procore Technologies stock traded up $0.67 during midday trading on Thursday, reaching $62.29. 255,850 shares of the stock traded hands, compared to its average volume of 1,521,548. The stock’s fifty day moving average is $59.43 and its 200-day moving average is $64.39. Procore Technologies, Inc. has a 12 month low of $48.11 and a 12 month high of $83.35. The stock has a market cap of $9.20 billion, a P/E ratio of -97.81 and a beta of 0.73. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The company had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. During the same period in the prior year, the company earned ($0.28) earnings per share. The firm’s revenue was up 24.4% on a year-over-year basis. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post -0.28 EPS for the current year.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 3,846 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total value of $206,337.90. Following the completion of the sale, the director now directly owns 1,444,313 shares of the company’s stock, valued at $77,487,392.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Connor Kevin J. O sold 3,846 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total value of $206,337.90. Following the completion of the sale, the director now directly owns 1,444,313 shares of the company’s stock, valued at $77,487,392.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $1,359,806.02. Following the completion of the sale, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at $46,905,294.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,492 shares of company stock valued at $5,020,312. Insiders own 29.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on PCOR shares. The Goldman Sachs Group reduced their price target on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JMP Securities reduced their price target on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. KeyCorp reduced their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Macquarie restated a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $70.13.

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.