Procore Technologies, Inc. (NYSE:PCOR) Major Shareholder Sells $876,633.60 in Stock

Procore Technologies, Inc. (NYSE:PCOR) major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $71.04, for a total value of $876,633.60. Following the transaction, the insider now owns 2,284,989 shares in the company, valued at approximately $162,325,618.56. This trade represents a 0.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Procore Technologies Price Performance

Shares of NYSE:PCOR traded down $2.01 during trading on Friday, reaching $69.60. 79,634 shares of the stock were exchanged, compared to its average volume of 1,566,074. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $83.35. The stock has a fifty day moving average of $62.23 and a two-hundred day moving average of $63.85.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Sell-side analysts anticipate that Procore Technologies, Inc. will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. boosted its position in shares of Procore Technologies by 39.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,865 shares of the company’s stock valued at $400,000 after acquiring an additional 1,372 shares during the period. SG Americas Securities LLC boosted its position in shares of Procore Technologies by 34.0% in the first quarter. SG Americas Securities LLC now owns 8,012 shares of the company’s stock valued at $658,000 after acquiring an additional 2,033 shares during the period. Swiss National Bank boosted its position in shares of Procore Technologies by 9.3% in the first quarter. Swiss National Bank now owns 184,100 shares of the company’s stock valued at $15,127,000 after acquiring an additional 15,700 shares during the period. Sei Investments Co. boosted its position in shares of Procore Technologies by 240.6% in the first quarter. Sei Investments Co. now owns 170,937 shares of the company’s stock valued at $14,046,000 after acquiring an additional 120,751 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Procore Technologies by 31.8% in the first quarter. Russell Investments Group Ltd. now owns 185,912 shares of the company’s stock valued at $15,252,000 after acquiring an additional 44,873 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on PCOR shares. KeyCorp dropped their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Robert W. Baird initiated coverage on Procore Technologies in a research note on Tuesday, September 24th. They set an “outperform” rating and a $73.00 target price for the company. DA Davidson reissued a “neutral” rating and set a $60.00 target price on shares of Procore Technologies in a research note on Wednesday, October 2nd. BMO Capital Markets lowered their target price on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Jefferies Financial Group boosted their target price on Procore Technologies from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $69.94.

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.