Jennison Associates LLC lowered its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 72.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,604 shares of the company's stock after selling 694,022 shares during the period. Jennison Associates LLC owned about 0.17% of Procore Technologies worth $16,023,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Park Avenue Securities LLC raised its position in Procore Technologies by 16.9% in the 2nd quarter. Park Avenue Securities LLC now owns 8,741 shares of the company's stock worth $580,000 after purchasing an additional 1,266 shares during the last quarter. M&G Plc boosted its holdings in Procore Technologies by 12.4% during the second quarter. M&G Plc now owns 120,626 shares of the company's stock worth $7,961,000 after buying an additional 13,334 shares during the last quarter. Burney Co. acquired a new position in shares of Procore Technologies in the 1st quarter valued at $1,371,000. SG Americas Securities LLC raised its holdings in Procore Technologies by 118.0% during the 2nd quarter. SG Americas Securities LLC now owns 17,466 shares of the company's stock worth $1,158,000 after buying an additional 9,454 shares during the period. Finally, Dragoneer Investment Group LLC boosted its stake in Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company's stock worth $148,762,000 after purchasing an additional 1,609,607 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.
PCOR has been the subject of a number of analyst reports. The Goldman Sachs Group raised their target price on shares of Procore Technologies from $73.00 to $83.00 and gave the company a "buy" rating in a research report on Friday. BMO Capital Markets raised their price target on Procore Technologies from $71.00 to $85.00 and gave the company an "outperform" rating in a report on Friday. Barclays lifted their target price on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an "equal weight" rating in a report on Friday. Canaccord Genuity Group boosted their price objective on Procore Technologies from $67.00 to $83.00 and gave the stock a "buy" rating in a report on Friday. Finally, DA Davidson increased their price objective on Procore Technologies from $60.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $79.25.
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Shares of NYSE PCOR opened at $76.67 on Friday. The company's fifty day simple moving average is $64.19 and its 200 day simple moving average is $63.98. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $83.35. The firm has a market cap of $11.40 billion, a PE ratio of -153.34 and a beta of 0.71. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.
Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting analysts' consensus estimates of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post -0.23 earnings per share for the current fiscal year.
In other news, CFO Howard Fu sold 1,500 shares of Procore Technologies stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the completion of the transaction, the chief financial officer now owns 171,997 shares in the company, valued at $12,340,784.75. This trade represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the sale, the senior vice president now owns 75,120 shares in the company, valued at $5,314,740. The trade was a 16.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,053 shares of company stock worth $7,426,909 over the last three months. 29.00% of the stock is currently owned by insiders.
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.
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