Parnassus Investments LLC Cuts Stake in Procore Technologies, Inc. (NYSE:PCOR)

Parnassus Investments LLC lowered its stake in shares of Procore Technologies, Inc. (NYSE:PCOR) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,761 shares of the company’s stock after selling 4,813 shares during the period. Parnassus Investments LLC’s holdings in Procore Technologies were worth $12,046,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc boosted its position in Procore Technologies by 92.1% during the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after acquiring an additional 175 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock worth $29,000 after acquiring an additional 147 shares during the last quarter. V Square Quantitative Management LLC boosted its position in Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after acquiring an additional 162 shares during the last quarter. Hilltop National Bank acquired a new position in Procore Technologies during the fourth quarter worth about $53,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in Procore Technologies by 1,434.0% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock worth $54,000 after acquiring an additional 674 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Up 3.8 %

Shares of Procore Technologies stock opened at $68.28 on Friday. Procore Technologies, Inc. has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market capitalization of $10.24 billion, a P/E ratio of -94.83 and a beta of 0.85. The company’s fifty day moving average is $77.06 and its two-hundred day moving average is $71.08.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) 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. Analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Activity

In other news, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $76.18, for a total value of $114,270.00. Following the sale, the insider now owns 84,539 shares of the company’s stock, valued at $6,440,181.02. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now directly owns 200 shares in the company, valued at approximately $17,480. The trade was a 84.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,657 shares of company stock valued at $5,442,199 over the last quarter. Corporate insiders own 29.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. JMP Securities increased their price target 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. Barclays increased their price objective on shares of Procore Technologies from $84.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. UBS Group increased their price objective on shares of Procore Technologies from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Mizuho increased their price objective on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.24.

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.