SCHEDULE: AllianceBernstein L.P. Discloses 3.4% Stake in Procore Technologies

AllianceBernstein L.P. has filed a Schedule 13G, revealing beneficial ownership of 5,088,839 shares, representing 3.4% of Procore Technologies Inc.'s common stock.

Summary

• AllianceBernstein L.P. has filed an amendment to its Schedule 13G filing.
• The filing indicates beneficial ownership of 5,088,839 shares of Procore Technologies Inc. common stock.
• This ownership stake represents 3.4% of the total class of securities.
• The shares were acquired solely for investment purposes on behalf of client discretionary investment advisory accounts.
• AllianceBernstein L.P. is a majority-owned subsidiary of Equitable Holdings, Inc. (EQH), but operates independently.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, indicating a significant but not dominant ownership stake by a major investment manager, suggesting confidence in the company's long-term prospects without aggressive control intentions.

Positives

• Significant investment by a reputable asset manager (AllianceBernstein L.P.) suggests confidence in Procore Technologies' business model and future growth potential.
• The ownership stake of 3.4% is substantial, indicating a notable position in the company's shareholder base.
• AllianceBernstein L.P. operates independently from its parent company, Equitable Holdings, Inc., implying investment decisions are based on Procore's merits.

Negatives

• The filing does not disclose any negative financial performance or operational issues.
• The ownership stake, while significant, does not represent a controlling interest, which might limit direct influence on strategic decisions.

Risks

• Market volatility could impact the value of the investment held by AllianceBernstein L.P.
• Changes in Procore Technologies' business performance or strategic direction could affect AllianceBernstein L.P.'s investment thesis.
• Potential for AllianceBernstein L.P. to adjust its stake in the future, which could impact share price depending on the direction and magnitude of the change.

Future Outlook

The filing itself does not contain forward-looking statements or guidance from Procore Technologies. It is a disclosure of ownership by AllianceBernstein L.P.

Management Comments

• "AllianceBernstein L.P. is a majority owned subsidiary of Equitable Holdings, Inc. ('EQH'). AllianceBernstein operates under independent management and makes independent decisions from EQH and its respective subsidiaries, and EQH calculates and reports beneficial ownership separately from AllianceBernstein pursuant to guidance provided by the Securities and Exchange Commission in Release Number 34-39538 (January 12, 1998)."
• "All media outlets, please contact Jennifer Will at AllianceBernstein (212-969-1157) with any questions. All other questions can be directed to Section13USFilings@alliancebernstein.com."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

StockSavvy.ai notes that this filing reflects a common practice among institutional investors to disclose significant equity stakes in publicly traded companies. Procore Technologies operates in the construction management software sector, a growing market driven by digital transformation in the industry. AllianceBernstein's investment suggests continued institutional interest in this sector.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by a major investment manager may be viewed positively, potentially increasing investor confidence and influencing share price.
• Creditors: No direct impact mentioned.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.

Next Steps

• AllianceBernstein L.P. will continue to hold the shares acquired for investment purposes.
• Procore Technologies Inc. will continue its business operations and strategic initiatives.

Key Dates

Keywords

Procore Technologies, AllianceBernstein L.P., Schedule 13G, Beneficial Ownership, Investment Management, Common Stock, Equity Stake