Procore Technologies, Inc. $PCOR Stake Trimmed by ICONIQ Capital LLC

ICONIQ Capital LLC lessened its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 0.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,620,931 shares of the company’s stock after selling 46,190 shares during the period. Procore Technologies comprises 18.7% of ICONIQ Capital LLC’s investment portfolio, making the stock its 2nd largest holding. ICONIQ Capital LLC owned about 0.13% of Procore Technologies worth $1,503,678,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PCOR. Global Retirement Partners LLC boosted its holdings in shares of Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies in the third quarter worth approximately $34,000. Jones Financial Companies Lllp raised its holdings in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares during the period. First Horizon Corp acquired a new stake in shares of Procore Technologies during the third quarter valued at approximately $49,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Procore Technologies in the 3rd quarter valued at approximately $57,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PCOR shares. BMO Capital Markets decreased their price objective on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Barclays cut their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Stifel Nicolaus reduced their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Canaccord Genuity Group decreased their target price on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, UBS Group lowered their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Seventeen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.05.

Procore Technologies Stock Performance

Shares of PCOR opened at $57.13 on Monday. The company has a market capitalization of $8.58 billion, a PE ratio of -85.27 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The company’s 50 day moving average price is $59.45 and its 200 day moving average price is $68.33. Procore Technologies, Inc. has a 52 week low of $46.08 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The company had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 EPS. Research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total transaction of $523,825.20. Following the completion of the sale, the director owned 1,012,136 shares of the company’s stock, valued at approximately $55,141,169.28. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total value of $3,211,804.83. Following the completion of the transaction, the chairman owned 927,580 shares in the company, valued at $53,085,403.40. This trade represents a 5.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 95,437 shares of company stock valued at $5,428,784. 21.50% of the stock is owned by insiders.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.