Millennium Management LLC Sells 381,730 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Millennium Management LLC reduced its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 59.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 262,384 shares of the company's stock after selling 381,730 shares during the quarter. Millennium Management LLC owned about 0.18% of Procore Technologies worth $19,660,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Lazard Asset Management LLC boosted its position in shares of Procore Technologies by 45.1% in the 4th quarter. Lazard Asset Management LLC now owns 15,141 shares of the company's stock worth $1,134,000 after purchasing an additional 4,704 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Procore Technologies by 14.0% in the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock worth $196,873,000 after purchasing an additional 322,367 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of Procore Technologies in the 4th quarter worth approximately $11,268,000. Gotham Asset Management LLC boosted its position in shares of Procore Technologies by 52.9% in the 4th quarter. Gotham Asset Management LLC now owns 99,066 shares of the company's stock worth $7,423,000 after purchasing an additional 34,260 shares in the last quarter. Finally, Greycroft LP boosted its position in shares of Procore Technologies by 116.7% in the 4th quarter. Greycroft LP now owns 6,500 shares of the company's stock worth $487,000 after purchasing an additional 3,500 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 6,937 shares of the firm's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $83.60, for a total value of $579,933.20. Following the transaction, the insider now directly owns 72,110 shares of the company's stock, valued at approximately $6,028,396. This trade represents a 8.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Connor Kevin J. O sold 7,700 shares of the firm's stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total value of $436,359.00. Following the completion of the transaction, the director now directly owns 1,208,284 shares in the company, valued at approximately $68,473,454.28. This represents a 0.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,560 shares of company stock valued at $4,375,018. 29.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

PCOR has been the topic of a number of analyst reports. Stifel Nicolaus dropped their price target on Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Scotiabank dropped their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. DA Davidson raised Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. lowered their price objective on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, Macquarie lowered their price objective on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.24.

Procore Technologies Price Performance

NYSE PCOR opened at $67.26 on Thursday. The business's fifty day moving average price is $64.98 and its 200-day moving average price is $72.69. The stock has a market capitalization of $10.03 billion, a price-to-earnings ratio of -93.42 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. The firm had revenue of $310.63 million for the quarter, compared to analysts' expectations of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company's revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 EPS. On average, equities analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

About Procore Technologies

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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