Procore Technologies, Inc. (NYSE:PCOR) Major Shareholder Sells $93,867.60 in Stock

Procore Technologies, Inc. (NYSE:PCOR) major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the transaction, the insider now directly owns 200 shares of the company’s stock, valued at approximately $17,480. This represents a 84.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Procore Technologies Trading Down 0.9 %

Shares of Procore Technologies stock opened at $82.28 on Monday. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $88.92. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The company’s 50-day simple moving average is $78.09 and its 200-day simple moving average is $69.61. The firm has a market cap of $12.23 billion, a price-to-earnings ratio of -114.27 and a beta of 0.84.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The firm had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Diversified Trust Co increased its stake in shares of Procore Technologies by 157.1% during the fourth quarter. Diversified Trust Co now owns 50,649 shares of the company’s stock worth $3,795,000 after acquiring an additional 30,948 shares during the period. Westfield Capital Management Co. LP grew its position in Procore Technologies by 39.2% during the third quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock worth $59,635,000 after buying an additional 272,030 shares during the period. Barclays PLC grew its position in Procore Technologies by 49.1% during the third quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after buying an additional 22,734 shares during the period. Advantage Alpha Capital Partners LP grew its position in Procore Technologies by 30.2% during the third quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock worth $7,825,000 after buying an additional 29,431 shares during the period. Finally, Pathstone Holdings LLC grew its position in Procore Technologies by 804.3% during the third quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock worth $8,999,000 after buying an additional 129,679 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on PCOR. Mizuho boosted their price objective on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Piper Sandler boosted their price objective on Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. DA Davidson boosted their price objective on Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Barclays upped their price target on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Finally, Scotiabank upped their price target on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $89.94.

Procore Technologies Company Profile

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.