Jasper Ridge Partners L.P. Sells 11,612 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Jasper Ridge Partners L.P. decreased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 66.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,849 shares of the company's stock after selling 11,612 shares during the period. Jasper Ridge Partners L.P.'s holdings in Procore Technologies were worth $438,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after purchasing an additional 2,670,872 shares in the last quarter. Capital World Investors grew its holdings in shares of Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Procore Technologies during the 4th quarter worth $131,840,000. Assenagon Asset Management S.A. grew its holdings in shares of Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock worth $214,377,000 after purchasing an additional 1,425,967 shares in the last quarter. Finally, Champlain Investment Partners LLC acquired a new stake in shares of Procore Technologies during the 4th quarter worth $105,747,000. Institutional investors own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PCOR shares. Canaccord Genuity Group raised their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Stifel Nicolaus reduced their price objective on Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Barclays raised their price objective on Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Scotiabank reduced their price objective on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research note on Thursday, April 24th. Finally, JMP Securities raised their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a "market outperform" rating in a research note on Tuesday, February 18th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.24.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 6,937 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $83.60, for a total transaction of $579,933.20. Following the completion of the sale, the insider now owns 72,110 shares in the company, valued at $6,028,396. The trade was a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business's stock in a transaction that occurred 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 sale, the insider now owns 200 shares of the company's stock, valued at approximately $17,480. This represents a 84.30% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,142 shares of company stock worth $4,119,407. 29.00% of the stock is owned by corporate insiders.

Procore Technologies Trading Down 1.1%

Procore Technologies stock traded down $0.77 during trading hours on Wednesday, hitting $71.63. The stock had a trading volume of 1,222,362 shares, compared to its average volume of 1,722,738. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a market cap of $10.68 billion, a price-to-earnings ratio of -99.48 and a beta of 0.90. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $88.92. The business's 50 day simple moving average is $64.72 and its 200-day simple moving average is $72.49.

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