Jennison Associates LLC Buys 86,277 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Jennison Associates LLC grew its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 33.2% in the 4th quarter, Holdings Channel reports. The firm owned 345,881 shares of the company’s stock after acquiring an additional 86,277 shares during the quarter. Jennison Associates LLC’s holdings in Procore Technologies were worth $25,917,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Chicago Partners Investment Group LLC raised its stake in Procore Technologies by 0.8% during the fourth quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company’s stock worth $1,199,000 after buying an additional 129 shares during the last quarter. Hanson & Doremus Investment Management grew its holdings in Procore Technologies by 8.2% during the 4th quarter. Hanson & Doremus Investment Management now owns 28,821 shares of the company’s stock worth $2,160,000 after acquiring an additional 2,192 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of Procore Technologies by 55.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 16,731 shares of the company’s stock worth $1,254,000 after acquiring an additional 5,989 shares in the last quarter. KBC Group NV lifted its stake in shares of Procore Technologies by 1,550.7% in the 4th quarter. KBC Group NV now owns 44,933 shares of the company’s stock valued at $3,367,000 after purchasing an additional 42,211 shares during the period. Finally, Zweig DiMenna Associates LLC boosted its position in shares of Procore Technologies by 23.5% during the 4th quarter. Zweig DiMenna Associates LLC now owns 120,000 shares of the company’s stock valued at $8,992,000 after purchasing an additional 22,800 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Buying and Selling at Procore Technologies

In other news, Director Connor Kevin J. O sold 33,332 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the transaction, the director now directly owns 1,282,648 shares of the company’s stock, valued at $105,087,350.64. This represents a 2.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of Procore Technologies 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 $162,325,618.56. This trade represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,304 shares of company stock worth $9,026,520. Insiders own 29.00% of the company’s stock.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $77.46 on Thursday. 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 firm has a 50-day moving average of $78.43 and a 200-day moving average of $68.24. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $86.67. The company has a market cap of $11.52 billion, a P/E ratio of -154.92 and a beta of 0.84.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PCOR. JPMorgan Chase & Co. boosted their price target on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. JMP Securities boosted their target price on shares of Procore Technologies from $75.00 to $90.00 and gave the company a “market outperform” rating in a research report on Monday, December 2nd. Stifel Nicolaus raised their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Jefferies Financial Group upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating and upped their price objective for the company from $80.00 to $100.00 in a report on Monday, January 6th. Finally, UBS Group started coverage on Procore Technologies in a research note on Monday, December 2nd. They issued a “buy” rating and a $105.00 target price for the company. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $86.00.

Procore Technologies 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.