Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) Major Shareholder Sells 12,340 Shares of 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 transaction of $876,633.60. Following the completion of the transaction, the insider now directly owns 2,284,989 shares of the company’s stock, valued at approximately $162,325,618.56. This represents a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Procore Technologies Stock Down 3.4 %

Shares of NYSE PCOR opened at $69.15 on Friday. The company’s 50-day simple moving average is $62.53 and its 200-day simple moving average is $63.82. 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 firm has a market cap of $10.28 billion, a price-to-earnings ratio of -138.30 and a beta of 0.71. Procore Technologies, Inc. has a 52-week low of $49.46 and a 52-week high of $83.35.

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

Hedge Funds Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in shares of Procore Technologies by 10.9% in the third quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after buying an additional 168,769 shares in the last quarter. Bullseye Asset Management LLC raised its stake in Procore Technologies by 50.0% during the third quarter. Bullseye Asset Management LLC now owns 14,993 shares of the company’s stock worth $925,000 after purchasing an additional 5,000 shares during the period. M&T Bank Corp purchased a new position in Procore Technologies during the third quarter worth about $250,000. Barclays PLC raised its stake 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 purchasing an additional 22,734 shares during the period. Finally, Meritage Group LP raised its stake in Procore Technologies by 66.6% during the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after purchasing an additional 1,098,019 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on PCOR shares. Robert W. Baird started coverage on shares of Procore Technologies in a report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 price target for the company. JMP Securities reduced their target price on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a report on Thursday, October 31st. Macquarie reissued a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. TD Cowen raised their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus price target 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.