Wellington Management Group LLP Acquires 451,238 Shares of Procore Technologies, Inc. $PCOR

Wellington Management Group LLP increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 25.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,210,749 shares of the company’s stock after purchasing an additional 451,238 shares during the period. Wellington Management Group LLP owned 1.48% of Procore Technologies worth $145,954,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of PCOR. JPMorgan Chase & Co. raised its position in shares of Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company’s stock valued at $215,195,000 after purchasing an additional 1,492,869 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Procore Technologies by 134.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company’s stock valued at $77,901,000 after purchasing an additional 660,726 shares during the period. Durable Capital Partners LP bought a new stake in Procore Technologies in the 4th quarter valued at $33,726,000. Nuveen LLC bought a new stake in Procore Technologies in the 1st quarter valued at $26,224,000. Finally, Science & Technology Partners L.P. bought a new stake in Procore Technologies in the 4th quarter valued at $25,558,000. 81.10% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Benjamin C. Singer sold 4,500 shares of Procore Technologies stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $75.00, for a total value of $337,500.00. Following the transaction, the insider owned 97,557 shares in the company, valued at approximately $7,316,775. This trade represents a 4.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William J.G. Griffith sold 309,168 shares of Procore Technologies stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $20,021,719.68. Following the completion of the transaction, the director owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 651,755 shares of company stock worth $42,406,565. 21.50% of the stock is owned by company insiders.

Procore Technologies Trading Down 1.2%

PCOR opened at $64.5650 on Thursday. Procore Technologies, Inc. has a twelve month low of $52.78 and a twelve month high of $88.92. The company has a 50-day simple moving average of $68.87 and a 200 day simple moving average of $68.96. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of -67.26 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The business had revenue of $323.92 million during the quarter, compared to analysts’ expectations of $311.91 million. During the same quarter in the prior year, the business posted $0.39 earnings per share. Procore Technologies’s revenue was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Arete assumed coverage on Procore Technologies in a research note on Monday, June 16th. They issued a “buy” rating and a $91.00 price target for the company. JMP Securities restated a “market perform” rating and issued a $95.00 price target on shares of Procore Technologies in a research note on Friday, August 1st. BMO Capital Markets boosted their price target on Procore Technologies from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Citizens Jmp cut shares of Procore Technologies from an “outperform” rating to a “market perform” rating in a report on Friday, August 1st. Finally, DA Davidson began coverage on shares of Procore Technologies in a report on Monday, August 4th. They set a “neutral” rating and a $70.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.06.

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.