Procore Technologies, Inc. (NYSE:PCOR) Major Shareholder Iconiq Strategic Partners Ii, Sells 12,340 Shares

Procore Technologies, Inc. (NYSE:PCOR) major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $71.04, for a total transaction of $876,633.60. Following the transaction, the insider now directly owns 2,284,989 shares in the company, valued at approximately $162,325,618.56. The trade was a 0.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Procore Technologies Stock Performance

PCOR stock traded down $1.81 during trading on Thursday, reaching $71.61. 2,177,666 shares of the stock were exchanged, compared to its average volume of 1,572,797. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $83.35. The company has a market capitalization of $10.65 billion, a P/E ratio of -143.22 and a beta of 0.71. The stock has a 50 day simple moving average of $62.23 and a 200-day simple moving average of $63.85. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Circle Wealth Management LLC increased its holdings in Procore Technologies by 25.5% during the third quarter. Circle Wealth Management LLC now owns 5,591 shares of the company’s stock worth $345,000 after buying an additional 1,137 shares during the last quarter. Stockbridge Partners LLC bought a new stake in shares of Procore Technologies in the third quarter valued at about $30,045,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Procore Technologies by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,304 shares of the company’s stock valued at $15,943,000 after acquiring an additional 13,550 shares during the period. RGM Capital LLC boosted its position in shares of Procore Technologies by 94.0% in the third quarter. RGM Capital LLC now owns 1,293,467 shares of the company’s stock valued at $79,833,000 after acquiring an additional 626,861 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Procore Technologies during the third quarter worth about $1,722,000. Institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

PCOR has been the topic of several research analyst reports. BMO Capital Markets lowered their target price on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays increased their price objective on shares of Procore Technologies from $64.00 to $66.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Robert W. Baird assumed coverage on shares of Procore Technologies in a report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price objective for the company. Scotiabank cut their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Finally, TD Cowen raised their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.94.

About Procore Technologies

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.