Principal Financial Group Decreases Stake in Procore Technologies,
December 15, 2023
🌥️Trending News
Principal Financial Group Inc. recently divulged that they have reduced their stock holdings in Procore Technologies ($NYSE:PCOR), Inc. Procore Technologies, Inc. is one of the leading construction project management software companies. The company offers a comprehensive suite of cloud-based construction software solutions to help construction professionals manage their projects from planning and design to construction and closeout. The company’s products combine the power of software, mobile, and cloud computing technologies to help streamline the construction industry and improve collaboration among project teams. Procore is used across a wide range of businesses, including general contractors, subcontractors, owners, and asset managers. The company is based in Carpinteria, California and has offices in multiple locations around the world.
However, Principal Financial Group Inc. has recently reduced their stock holdings in Procore stock, signaling that they are not as confident about the company’s future prospects. It will be interesting to see how this decision affects the company’s stock price and overall performance in the coming months.
Stock Price
On Monday, Procore Technologies, Inc. stock opened at $56.6 and closed at $56.5, down by 0.6% from its previous closing price of $56.8. It remains to be seen whether this recent selling activity by Principal Financial Group will have an effect on Procore’s stock price in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Procore Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 892.02 | -231.36 | -25.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Procore Technologies. More…
| Operations | Investing | Financing |
| 73.96 | -60.37 | 36.04 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Procore Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.78k | 659.25 | 7.89 |
Key Ratios Snapshot
Some of the financial key ratios for Procore Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 33.4% | – | -25.7% |
| FCF Margin | ROE | ROA |
| 3.3% | -12.8% | -8.0% |
Analysis
After conducting an analysis of PROCORE TECHNOLOGIES‘ fundamentals, GoodWhale’s Star Chart shows that PROCORE TECHNOLOGIES is strong in asset and growth, but weak in dividend and profitability. The company has an intermediate health score of 6/10 with regard to its cashflows and debt, which indicates that it is likely to be able to pay off its debt and fund future operations. Based on these findings, GoodWhale has classified PROCORE TECHNOLOGIES as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. This type of company may be of interest to investors who are looking for companies with high growth potential but are also willing to take on higher levels of risk. More…
Peers
The company offers a cloud-based platform that enables users to collaborate and communicate with project teams, manage project documents and files, and track project progress. Procore’s competitors include Ramco Systems Ltd, Nemetschek SE, and RenoWorks Software Inc.
– Ramco Systems Ltd ($BSE:532370)
Ramco Systems Ltd is an Indian multinational enterprise software company headquartered in Chennai, India. The company specializes in enterprise resource planning (ERP), enterprise asset management (EAM), and human capital management (HCM) software. As of 2022, the company has a market capitalization of 7.88 billion dollars and a return on equity of -11.06%. The company was founded in 1998 and employs over 4,000 people.
– Nemetschek SE ($LTS:0FDT)
Nemetschek SE is a publicly traded company with a market capitalization of 5.65 billion as of 2022. The company has a return on equity of 22.14%. Nemetschek SE is a global provider of software solutions for the architecture, engineering, and construction industries. The company’s software products are used by architects, engineers, and construction professionals to design, engineer, and construct buildings and infrastructure.
– RenoWorks Software Inc ($TSXV:RW)
RenoWorks Software Inc is a Canadian company that provides home improvement software. The company has a market cap of 9.56M as of 2022 and a return on equity of -80.79%. The company’s software is designed to help homeowners and contractors with the planning and execution of home improvement projects.
Summary
Principal Financial Group Inc. recently reduced its stock position in Procore Technologies, Inc., a cloud-based construction software provider. The news came as an unexpected move and has caused a stir in the investing community. Analysts believe that the stock reduction could indicate concerns over a slowing in the industry or that Principal Financial Group Inc. has some other financial interests that they are attempting to manage. Nevertheless, Procore Technologies, Inc. remains a strong player in the construction software industry, providing tools for project management, document control, financial management, safety and risk management, and much more.
Many analysts also point to the company’s recent growth, which has been driven by its successful expansion into new markets and its ongoing investment in additional features and products. Despite the current stock decrease, Procore Technologies Inc. remains a profitable investment, and those looking to invest in the industry should still take the company into consideration.
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