Insider Selling: 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 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 sale, the insider now owns 2,284,989 shares in the company, valued at approximately $162,325,618.56. This represents a 0.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Procore Technologies Price Performance

Shares of PCOR stock opened at $69.15 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The company’s 50-day simple moving average is $62.53 and its two-hundred day simple moving average is $63.82. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $83.35. The company has a market capitalization of $10.28 billion, a P/E ratio of -138.30 and a beta of 0.71.

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

Institutional Investors Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Orion Portfolio Solutions LLC lifted its position in Procore Technologies by 29.2% during the first quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock valued at $6,232,000 after acquiring an additional 17,119 shares during the last quarter. M&G Plc purchased a new stake in Procore Technologies during the first quarter valued at approximately $8,798,000. Swiss National Bank lifted its position in Procore Technologies by 9.3% during 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 last quarter. Park Avenue Securities LLC lifted its position in Procore Technologies by 16.9% during the second quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock valued at $580,000 after acquiring an additional 1,266 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Procore Technologies by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after acquiring an additional 94,190 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PCOR shares. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Robert W. Baird started coverage on Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target on the stock. Jefferies Financial Group raised their price target on Procore Technologies from $60.00 to $65.00 and gave the company a “hold” rating in a research report on Tuesday, October 29th. DA Davidson reaffirmed a “neutral” rating and set a $60.00 price objective on shares of Procore Technologies in a research note on Wednesday, October 2nd. Finally, JMP Securities reduced their price objective on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus 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.