Price T Rowe Associates Inc. MD Sells 1,648,913 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Price T Rowe Associates Inc. MD decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 32.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,468,417 shares of the company's stock after selling 1,648,913 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.33% of Procore Technologies worth $259,890,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC raised its holdings in Procore Technologies by 0.8% in the fourth quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company's stock worth $1,199,000 after purchasing an additional 129 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock worth $29,000 after acquiring an additional 147 shares in the last quarter. V Square Quantitative Management LLC lifted its position in Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock valued at $44,000 after acquiring an additional 162 shares during the period. Versant Capital Management Inc lifted its position in Procore Technologies by 92.1% during the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $27,000 after acquiring an additional 175 shares during the period. Finally, Covestor Ltd boosted its stake in Procore Technologies by 15.1% during the fourth quarter. Covestor Ltd now owns 1,571 shares of the company's stock worth $118,000 after acquiring an additional 206 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PCOR. DA Davidson decreased their target price on shares of Procore Technologies from $80.00 to $60.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Macquarie dropped their target price on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Scotiabank reduced their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a report on Thursday, April 24th. Canaccord Genuity Group upped their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, KeyCorp reduced their price objective on shares of Procore Technologies from $96.00 to $77.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $81.18.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded down $0.02 during trading on Thursday, hitting $64.07. The company's stock had a trading volume of 381,874 shares, compared to its average volume of 1,724,956. The company has a 50-day moving average of $66.54 and a 200-day moving average of $72.20. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a market cap of $9.56 billion, a price-to-earnings ratio of -89.06 and a beta of 0.90. Procore Technologies, Inc. has a 12 month low of $49.46 and a 12 month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share 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 business had revenue of $302.05 million for the quarter, compared to analysts' expectations of $297.72 million. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business's 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 owns 200 shares of the company's stock, valued at approximately $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 6,937 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $83.60, for a total transaction of $579,933.20. Following the transaction, the insider now directly owns 72,110 shares of the company's stock, valued at $6,028,396. The trade was a 8.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,962 shares of company stock worth $5,041,588 over the last quarter. 29.00% of the stock is currently owned by corporate insiders.

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.