Wellington Management Group LLP Invests $131.84 Million in Procore Technologies, Inc. (NYSE:PCOR)

Wellington Management Group LLP purchased a new position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,759,511 shares of the company's stock, valued at approximately $131,840,000. Wellington Management Group LLP owned 1.17% of Procore Technologies at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock valued at $891,692,000 after buying an additional 838,925 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Procore Technologies by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after acquiring an additional 1,425,967 shares during the period. Meritage Group LP boosted its position in Procore Technologies by 66.6% in the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company's stock worth $169,453,000 after purchasing an additional 1,098,019 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after purchasing an additional 2,670,872 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company's stock valued at $142,267,000 after purchasing an additional 1,297,151 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total value of $117,000.00. Following the completion of the transaction, the insider now owns 83,039 shares in the company, valued at approximately $6,477,042. The trade was a 1.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the sale, the executive now directly owns 161,368 shares in the company, valued at approximately $13,380,634.56. The trade was a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,604 shares of company stock worth $5,427,468. 29.00% of the stock is currently owned by company insiders.

Procore Technologies Trading Up 3.8 %

PCOR stock traded up $2.22 during mid-day trading on Tuesday, hitting $60.36. 553,478 shares of the company were exchanged, compared to its average volume of 1,415,939. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92. The firm has a market capitalization of $9.05 billion, a P/E ratio of -83.85 and a beta of 0.90. The business has a fifty day simple moving average of $73.96 and a 200-day simple moving average of $72.42. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted 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). The company had revenue of $302.05 million for the quarter, compared to analysts' expectations of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. On average, equities research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Stifel Nicolaus increased their target price on Procore Technologies from $84.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, December 18th. Jefferies Financial Group reduced their price objective on Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Monday, March 31st. JMP Securities raised their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a report on Tuesday, February 18th. KeyCorp upped their target price on shares of Procore Technologies from $85.00 to $96.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. Finally, Barclays raised their price target on shares of Procore Technologies from $84.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Friday, February 14th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $89.65.

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.