Jennison Associates LLC Sells 284,087 Shares of Procore Technologies, Inc. $PCOR

Jennison Associates LLC trimmed its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 49.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 285,010 shares of the company’s stock after selling 284,087 shares during the period. Jennison Associates LLC’s holdings in Procore Technologies were worth $16,246,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. SJS Investment Consulting Inc. lifted its stake in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies during the third quarter valued at about $34,000. V Square Quantitative Management LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at about $41,000. Allworth Financial LP increased its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas bought a new stake in shares of Procore Technologies in the fourth quarter worth about $54,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Price Performance

PCOR opened at $44.38 on Wednesday. The business has a fifty day moving average of $44.76 and a 200 day moving average of $53.20. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $6.70 billion, a P/E ratio of -87.01 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million during the quarter, compared to analysts’ expectations of $352.82 million. During the same quarter in the previous year, the business earned $0.23 EPS. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,775 shares of Procore Technologies stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the sale, the director owned 979,439 shares in the company, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 189,621 shares of company stock worth $8,791,847. Insiders own 16.80% of the company’s stock.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. UBS Group reduced their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Jefferies Financial Group decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.62.

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. 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.