New York, Feb 17, 2026, 09:59 (EST) — Regular session
- Procore shares fell in early trade as a new SEC filing detailed large beneficial ownership stakes tied to ICONIQ principals.
- The construction software maker also posted a slate of product updates slated to roll out from Feb. 17.
- Investors remain focused on execution against 2026 margin and cash-flow targets laid out with last week’s results.
Procore Technologies Inc shares were down about 1% at $51.84 on Tuesday, after a regulatory filing detailed ownership stakes linked to investment firm ICONIQ and three of its principals.
Schedule 13G filings don’t change a company’s fundamentals. They can still move a stock, especially when investors are trying to read who might sell, who might add, and how tight the tradable float really is.
This matters now because Procore is coming off a guidance reset for 2026 and a renewed push into AI-driven features. Any shift in who holds large blocks can add noise to trading, even if the disclosure itself looks backward.
The broader tape was soft: the SPDR S&P 500 ETF was down about 0.1% and the Invesco QQQ Trust was off about 0.4%. Autodesk and Trimble, two software names exposed to construction activity, were also lower.
In the Schedule 13G/A, the filers reported beneficial ownership as of Dec. 31, 2025. William J.G. Griffith was listed at 18.37 million shares, or about 11.8% of the class; Divesh Makan at 17.97 million shares, or about 11.6%; and Matthew Jacobson at 9.27 million shares, or about 6.0%, the filing showed. A Schedule 13G is typically used to disclose stakes above 5%. (SEC)
Separately, Procore’s product update page showed several features launching from Feb. 17, including expanded data coverage in Procore Analytics and a subcontractor invoice signing flow in Procore Pay that the company said would start in open beta for U.S. customers. (Procore)
Procore last week reported fourth-quarter revenue of $349 million, up 16% from a year earlier, and said free cash inflow was $90 million. It guided for 2026 revenue of $1.489 billion to $1.494 billion and a non-GAAP operating margin of 17.5% to 18%; non-GAAP metrics exclude items such as stock-based compensation and acquisition-related costs, the company said. CEO Ajei Gopal said, “AI stands to be the next meaningful catalyst for our industry,” while CFO Howard Fu pointed to “the largest free cash flow quarter in the company’s history.” (Business Wire)
Free cash flow is a cash measure: operating cash minus capital spending. Investors track it because it can support buybacks, acquisitions, or balance-sheet flexibility, even when accounting profits lag.
But the ownership report reflects positions as of the end of 2025 and does not show whether any of those holders bought or sold shares in recent days. Procore also remains exposed to swings in construction budgets and interest-rate sensitivity, and it continues to report GAAP operating losses even as it talks up non-GAAP profitability.
The next hard catalyst on many calendars is Procore’s next earnings report, which Investing.com lists for May 6. (Investing)
