Janus Henderson Group PLC Grows Stock Position in Procore Technologies, Inc. $PCOR

Janus Henderson Group PLC lifted its stake in Procore Technologies, Inc. (NYSE:PCOR) by 11.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 947,990 shares of the company’s stock after purchasing an additional 94,274 shares during the quarter. Janus Henderson Group PLC owned about 0.63% of Procore Technologies worth $54,034,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the period. Wellington Management Group LLP raised its position in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Procore Technologies by 158.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after purchasing an additional 1,240,247 shares in the last quarter. Norges Bank purchased a new position in shares of Procore Technologies during the 4th quarter valued at approximately $82,739,000. Finally, Woodline Partners LP lifted its holdings in Procore Technologies by 173.1% during the third quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock valued at $130,542,000 after purchasing an additional 1,134,657 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PCOR shares. BTIG Research restated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Friday, July 24th. The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. UBS Group upped their price target on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. BMO Capital Markets increased their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Jefferies Financial Group dropped their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.81.

Key Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
• Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
• Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
• Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
• Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
• Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy

Insider Buying and Selling at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total value of $241,894.17. Following the sale, the director directly owned 967,901 shares of the company’s stock, valued at $40,584,088.93. The trade was a 0.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by insiders.

Procore Technologies Trading Up 2.2%

PCOR opened at $55.00 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The business’s 50-day simple moving average is $44.86 and its 200-day simple moving average is $51.91. The company has a market cap of $8.30 billion, a P/E ratio of -211.52 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. As a group, equities research analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

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. 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.