Jennison Associates LLC Grows Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Jennison Associates LLC increased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 722.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 586,523 shares of the company’s stock after buying an additional 515,245 shares during the quarter. Jennison Associates LLC owned about 0.41% of Procore Technologies worth $40,599,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. IFP Advisors Inc raised its holdings in shares of Procore Technologies by 2,600.0% in the third quarter. IFP Advisors Inc now owns 378 shares of the company’s stock worth $25,000 after buying an additional 364 shares during the period. BluePath Capital Management LLC purchased a new position in Procore Technologies in the 3rd quarter worth about $36,000. International Assets Investment Management LLC grew its position in shares of Procore Technologies by 6,823.1% during the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after buying an additional 887 shares in the last quarter. Conestoga Capital Advisors LLC purchased a new position in Procore Technologies during the 3rd quarter valued at about $202,000. Finally, Portside Wealth Group LLC raised its holdings in shares of Procore Technologies by 7.5% in the 3rd quarter. Portside Wealth Group LLC now owns 3,311 shares of the company’s stock valued at $215,000 after purchasing an additional 231 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Price Performance

NYSE:PCOR opened at $71.74 on Wednesday. The firm’s fifty day moving average is $77.07 and its two-hundred day moving average is $68.86. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04. Procore Technologies, Inc. has a one year low of $48.11 and a one year high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 15th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. The firm had revenue of $260.04 million for the quarter, compared to analyst estimates of $248.20 million. As a group, equities analysts forecast that Procore Technologies, Inc. will post -0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. KeyCorp lifted their price target on Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, February 16th. BMO Capital Markets upped their price objective on Procore Technologies from $76.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. JPMorgan Chase & Co. lifted their target price on Procore Technologies from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Tuesday, January 23rd. Finally, Piper Sandler increased their price target on shares of Procore Technologies from $77.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.86.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 1,457 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.19, for a total value of $118,293.83. Following the sale, the chief financial officer now owns 137,237 shares in the company, valued at approximately $11,142,272.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Connor Kevin J. O sold 6,410 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $79.20, for a total transaction of $507,672.00. Following the transaction, the director now directly owns 1,494,311 shares in the company, valued at $118,349,431.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Howard Fu sold 1,457 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.19, for a total transaction of $118,293.83. Following the transaction, the chief financial officer now directly owns 137,237 shares of the company’s stock, valued at approximately $11,142,272.03. The disclosure for this sale can be found here. Insiders have sold 466,231 shares of company stock valued at $36,510,114 in the last 90 days. 39.20% of the stock is currently owned by company insiders.

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.