ICONIQ Capital LLC Cuts Holdings in Procore Technologies, Inc. $PCOR

ICONIQ Capital LLC reduced its stake in Procore Technologies, Inc. (NYSE:PCOR) by 0.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,620,931 shares of the company’s stock after selling 46,190 shares during the period. Procore Technologies accounts for about 18.7% of ICONIQ Capital LLC’s investment portfolio, making the stock its 2nd biggest holding. ICONIQ Capital LLC owned about 13.26% of Procore Technologies worth $1,503,678,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Global Retirement Partners LLC boosted its position in Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies during the 3rd quarter worth $34,000. Jones Financial Companies Lllp increased its position in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after buying an additional 199 shares during the period. First Horizon Corp bought a new stake in Procore Technologies in the third quarter valued at $49,000. Finally, Atlantic Union Bankshares Corp bought a new stake in Procore Technologies in the third quarter valued at $57,000. 81.10% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the sale, the insider owned 64,660 shares in the company, valued at approximately $3,233,000. This represents a 6.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $57.23, for a total value of $3,211,804.83. Following the sale, the chairman directly owned 927,580 shares of the company’s stock, valued at approximately $53,085,403.40. This represents a 5.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 95,437 shares of company stock worth $5,428,784 over the last three months. Corporate insiders own 21.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. BMO Capital Markets reduced their price target on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a report on Thursday, February 5th. Stifel Nicolaus cut their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. The Goldman Sachs Group reduced their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, February 9th. BTIG Research restated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, March 11th. Finally, KeyCorp dropped their price target on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.05.

Procore Technologies Stock Performance

Shares of PCOR opened at $57.13 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The firm’s 50 day moving average is $59.45 and its 200-day moving average is $68.33. Procore Technologies, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32. The stock has a market capitalization of $8.58 billion, a P/E ratio of -85.27 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.01 earnings per share. Equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.