Allspring Global Investments Holdings LLC Decreases Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Allspring Global Investments Holdings LLC lowered its stake in Procore Technologies, Inc. (NYSE:PCOR) by 5.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 491,141 shares of the company’s stock after selling 30,196 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.33% of Procore Technologies worth $36,917,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC increased its position in shares of Procore Technologies by 0.8% during the 4th quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company’s stock valued at $1,199,000 after purchasing an additional 129 shares during the last quarter. CIBC Asset Management Inc increased its position in Procore Technologies by 3.5% during the third quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after acquiring an additional 143 shares during the last quarter. Tanager Wealth Management LLP raised its stake in shares of Procore Technologies by 1.3% in the third quarter. Tanager Wealth Management LLP now owns 12,747 shares of the company’s stock valued at $787,000 after acquiring an additional 168 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after acquiring an additional 175 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Procore Technologies by 92.1% during the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares during the period. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Up 16.5 %

Procore Technologies stock opened at $87.48 on Friday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market cap of $13.01 billion, a P/E ratio of -174.96 and a beta of 0.84. The business has a fifty day moving average of $77.63 and a two-hundred day moving average of $68.62. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $87.90.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. On average, analysts forecast that Procore Technologies, Inc. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Robert W. Baird increased their price target on Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. The Goldman Sachs Group boosted their price objective on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Scotiabank increased their target price on Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 22nd. Finally, BMO Capital Markets lifted their target price on Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.65.

Insider Activity

In other news, SVP William Fred Fleming, Jr. sold 2,668 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $190,388.48. Following the completion of the sale, the senior vice president now owns 72,605 shares in the company, valued at approximately $5,181,092.80. This represents a 3.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 33,332 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the sale, the director now directly owns 1,282,648 shares of the company’s stock, valued at approximately $105,087,350.64. This represents a 2.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 114,656 shares of company stock worth $8,776,297. Corporate insiders own 29.00% of the company’s stock.

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.