Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Procore Technologies, Inc. (NYSE:PCOR) by 41.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 197,655 shares of the company’s stock after selling 142,049 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of Procore Technologies worth $14,810,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. raised its position in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the period. Wasatch Advisors LP grew its stake in shares of Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after buying an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after acquiring an additional 1,425,967 shares in the last quarter. PointState Capital LP acquired a new position in Procore Technologies during the 3rd quarter worth about $81,306,000. Finally, Janus Henderson Group PLC boosted its holdings in Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after acquiring an additional 1,297,151 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PCOR. The Goldman Sachs Group increased their price target on shares of Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Piper Sandler increased their target price on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Barclays boosted their price target on shares of Procore Technologies from $84.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Jefferies Financial Group raised Procore Technologies from a “hold” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $100.00 in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their target price on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $90.24.

Insider Activity

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the transaction, the insider now directly owns 200 shares in the company, valued at approximately $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 2,642 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $77.05, for a total transaction of $203,566.10. Following the completion of the sale, the chief financial officer now directly owns 147,350 shares of the company’s stock, valued at $11,353,317.50. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 58,211 shares of company stock valued at $4,672,701. Insiders own 29.00% of the company’s stock.

Procore Technologies Stock Down 2.4 %

PCOR stock opened at $65.91 on Friday. The company’s 50 day moving average is $77.24 and its two-hundred day moving average is $71.03. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a market cap of $9.88 billion, a P/E ratio of -91.54 and a beta of 0.85.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. Research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

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.