Jennison Associates LLC Acquires 365,421 Shares of Procore Technologies, Inc. $PCOR

Jennison Associates LLC grew its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 105.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 712,015 shares of the company’s stock after purchasing an additional 365,421 shares during the quarter. Jennison Associates LLC owned about 0.48% of Procore Technologies worth $48,716,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PCOR. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock worth $35,000 after acquiring an additional 385 shares during the period. SVB Wealth LLC bought a new position in shares of Procore Technologies in the first quarter worth $49,000. Hilltop National Bank bought a new position in shares of Procore Technologies in the second quarter worth $62,000. Signaturefd LLC boosted its holdings in shares of Procore Technologies by 53.4% in the first quarter. Signaturefd LLC now owns 1,203 shares of the company’s stock worth $79,000 after acquiring an additional 419 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of Procore Technologies by 66.6% in the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company’s stock worth $82,000 after acquiring an additional 497 shares during the period. 81.10% of the stock is owned by institutional investors.

Procore Technologies Trading Up 0.2%

Shares of PCOR opened at $71.99 on Friday. The firm’s 50 day simple moving average is $71.37 and its 200 day simple moving average is $68.71. The company has a market capitalization of $10.81 billion, a P/E ratio of -74.99 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29. Procore Technologies, Inc. has a 1-year low of $53.71 and a 1-year high of $88.92.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share for the quarter. The company had revenue of $172.21 million during the quarter. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. Sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $70.56, for a total transaction of $542,747.52. Following the completion of the sale, the director owned 1,115,637 shares of the company’s stock, valued at $78,719,346.72. The trade was a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 1,036 shares of Procore Technologies stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $75.00, for a total value of $77,700.00. Following the sale, the insider directly owned 85,330 shares of the company’s stock, valued at approximately $6,399,750. This trade represents a 1.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,724 shares of company stock valued at $2,122,519 over the last 90 days. Insiders own 21.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PCOR. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. Berenberg Bank began coverage on Procore Technologies in a report on Friday, October 3rd. They issued a “buy” rating and a $84.00 price target for the company. Barclays raised their price target on Procore Technologies from $72.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, July 14th. KeyCorp raised their price target on Procore Technologies from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, DA Davidson began coverage on Procore Technologies in a report on Monday, August 4th. They issued a “neutral” rating and a $70.00 price target for the company. Fifteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.11.

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.