Procore Technologies, Inc. (NYSE:PCOR) Major Shareholder Iconiq Strategic Partners Iv, Sells 192,803 Shares

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of Procore Technologies stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the transaction, the insider now owns 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Iconiq Strategic Partners Iv, also recently made the following trade(s):

• On Friday, June 13th, Iconiq Strategic Partners Iv, sold 116,365 shares of Procore Technologies stock. The stock was sold at an average price of $64.76, for a total transaction of $7,535,797.40.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded down $0.39 on Wednesday, hitting $66.29. 844,910 shares of the company were exchanged, compared to its average volume of 1,688,105. The firm has a market capitalization of $9.89 billion, a price-to-earnings ratio of -77.09 and a beta of 0.90. The company's 50 day moving average price is $65.34 and its two-hundred day moving average price is $71.78. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. During the same period in the previous year, the business earned $0.30 earnings per share. The company's quarterly revenue was up 15.3% on a year-over-year basis. Research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PCOR shares. Mizuho decreased their target price on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. JMP Securities lifted their target price on shares of Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research note on Tuesday, February 18th. BMO Capital Markets decreased their target price on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Jefferies Financial Group decreased their target price on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Stifel Nicolaus decreased their target price on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $80.83.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of the stock. Voya Investment Management LLC grew its stake in shares of Procore Technologies by 3.0% in the 1st quarter. Voya Investment Management LLC now owns 451,441 shares of the company's stock valued at $29,804,000 after purchasing an additional 12,963 shares during the period. Rhumbline Advisers grew its position in Procore Technologies by 9.6% during the 1st quarter. Rhumbline Advisers now owns 154,541 shares of the company's stock worth $10,203,000 after acquiring an additional 13,534 shares during the last quarter. Ellsworth Advisors LLC grew its position in Procore Technologies by 6.5% during the 1st quarter. Ellsworth Advisors LLC now owns 8,900 shares of the company's stock worth $588,000 after acquiring an additional 545 shares during the last quarter. Advisors Capital Management LLC grew its position in Procore Technologies by 8.1% during the 1st quarter. Advisors Capital Management LLC now owns 155,369 shares of the company's stock worth $10,257,000 after acquiring an additional 11,590 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock worth $23,156,000 after acquiring an additional 52,507 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.