New York, Feb 17, 2026, 09:59 (EST) — Regular session trading
- Procore shares slipped at the open after a fresh SEC filing showed sizable beneficial ownership positions linked to ICONIQ principals.
- The construction software company has a batch of product updates lined up to launch starting Feb. 17.
- Attention stays locked on how the company actually delivers on those 2026 margin and cash-flow goals announced with last week’s results.
Procore Technologies Inc slipped roughly 1% to $51.84 Tuesday, following a regulatory filing that outlined ownership stakes involving investment firm ICONIQ and three of its principals.
Schedule 13G filings aren’t about fundamentals, but that doesn’t always stop stocks from reacting. Investors often parse these disclosures, trying to guess who’s buying, who’s trimming, and just how much of the float is actually in play.
Procore just reset its 2026 guidance and is ramping up its AI-focused offerings, making this a key moment. Blockholders moving in or out can stir up volatility, despite the lag in disclosure.
Stocks slipped across the board. The SPDR S&P 500 ETF eased roughly 0.1%, while the Invesco QQQ Trust dropped closer to 0.4%. Both Autodesk and Trimble—software firms tied to construction—traded in the red as well.
The Schedule 13G/A shows beneficial ownership for Dec. 31, 2025. William J.G. Griffith held 18.37 million shares, or roughly 11.8% of the class. Divesh Makan reported 17.97 million shares, around 11.6%. Matthew Jacobson came in at 9.27 million shares, 6.0%. Filings like Schedule 13G are used when reporting stakes of more than 5%. 1
Procore’s product update page listed a handful of features rolling out from Feb. 17. Among them: expanded data coverage for Procore Analytics, along with a new subcontractor invoice signing flow in Procore Pay, which the company said would enter open beta for U.S. users. 2
Procore posted fourth-quarter revenue of $349 million last week, marking a 16% increase from the same period a year earlier. Free cash inflow hit $90 million. For 2026, the company is projecting revenue in the range of $1.489 billion to $1.494 billion, and expects a non-GAAP operating margin between 17.5% and 18%. Non-GAAP figures, according to the company, leave out items like stock-based compensation and acquisition-related charges. CEO Ajei Gopal called AI “the next meaningful catalyst for our industry.” CFO Howard Fu highlighted “the largest free cash flow quarter in the company’s history.” 3
Free cash flow—operating cash less capital spending—gives investors a way to gauge how much actual cash a company has to work with. They watch it closely, since it can fund buybacks, deals, or shore up the balance sheet, regardless of what accounting profits show.
The ownership report only covers positions through the end of 2025, leaving it unclear if any of those investors have changed their stakes recently. Procore, for its part, is still vulnerable to shifts in construction budgets and interest rates. GAAP operating losses persist, despite the company’s push to highlight non-GAAP profitability.
Procore’s earnings are up next, with the company set to report on May 6, according to Investing.com. 4
