Procore Technologies, Inc. $PCOR Shares Sold by ICONIQ Capital LLC

Key Points

• ICONIQ Capital LLC has reduced its stake in Procore Technologies by 1.8%, holding approximately 22.3 million shares valued at $1.47 billion, which constitutes 27.2% of its portfolio.
• Analysts have a predominantly positive outlook on Procore Technologies, with several raising their price targets; the average target is currently $83.06.
• Insiders have recently sold a combined total of approximately 664,449 shares of Procore Technologies stock, reflecting a significant decrease in their ownership during the last quarter.

ICONIQ Capital LLC reduced its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,297,433 shares of the company's stock after selling 400,000 shares during the quarter. Procore Technologies comprises approximately 27.2% of ICONIQ Capital LLC's portfolio, making the stock its 2nd biggest holding. ICONIQ Capital LLC owned approximately 14.95% of Procore Technologies worth $1,472,077,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. lifted its holdings in Procore Technologies by 277.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after purchasing an additional 385 shares in the last quarter. SVB Wealth LLC acquired a new position in shares of Procore Technologies in the first quarter valued at approximately $49,000. Ancora Advisors LLC lifted its stake in shares of Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after buying an additional 850 shares during the period. Versant Capital Management Inc boosted its position in Procore Technologies by 174.2% during the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after acquiring an additional 636 shares during the last quarter. Finally, GeoWealth Management LLC purchased a new stake in Procore Technologies in the 4th quarter worth approximately $78,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Up 3.1%

Shares of PCOR traded up $2.10 during trading on Thursday, reaching $69.89. The company's stock had a trading volume of 1,029,415 shares, compared to its average volume of 1,473,035. Procore Technologies, Inc. has a twelve month low of $52.78 and a twelve month high of $88.92. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The company has a market cap of $10.50 billion, a price-to-earnings ratio of -72.80 and a beta of 0.90. The company has a fifty day moving average of $68.96 and a two-hundred day moving average of $68.59.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The business's revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the sale, the insider directly owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. This represents a 5.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 8,035 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the transaction, the director directly owned 1,154,097 shares in the company, valued at $83,510,458.92. The trade was a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 664,449 shares of company stock worth $43,235,011. 21.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PCOR shares. DA Davidson began coverage on shares of Procore Technologies in a research note on Monday, August 4th. They set a "neutral" rating and a $70.00 price objective for the company. Mizuho upped their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Arete started coverage on shares of Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 price target on the stock. BMO Capital Markets boosted their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus increased their target price on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $83.06.

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.