Iconiq Strategic Partners Ii, Sells 1,074 Shares of Procore Technologies, Inc. (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now owns 200 shares in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Procore Technologies Stock Performance

Shares of PCOR traded down $0.78 during midday trading on Friday, reaching $82.28. The stock had a trading volume of 1,628,367 shares, compared to its average volume of 1,377,505. The firm has a 50 day simple moving average of $78.02 and a 200-day simple moving average of $69.17. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The firm has a market cap of $12.23 billion, a PE ratio of -114.27 and a beta of 0.84. 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 quarterly earnings data on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The firm had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. As a group, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analyst Upgrades and Downgrades

PCOR has been the topic of several analyst reports. Robert W. Baird increased their target price on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. TD Cowen increased their price objective on shares of Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Canaccord Genuity Group increased their price objective on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Mizuho increased their price objective on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Finally, Jefferies Financial Group raised shares of Procore Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $100.00 in a research report on Monday, January 6th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $89.94.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cache Advisors LLC bought a new position in shares of Procore Technologies in the 4th quarter valued at about $2,909,000. JT Stratford LLC acquired a new stake in shares of Procore Technologies during the 4th quarter worth about $284,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Procore Technologies by 15.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 298,239 shares of the company’s stock worth $22,347,000 after buying an additional 39,935 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Procore Technologies during the 4th quarter worth about $14,855,000. Finally, Woodline Partners LP lifted its stake in shares of Procore Technologies by 45.8% during the 4th quarter. Woodline Partners LP now owns 691,980 shares of the company’s stock worth $51,850,000 after buying an additional 217,351 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

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.