Jennison Associates LLC Sells 694,022 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Jennison Associates LLC lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 72.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 259,604 shares of the company’s stock after selling 694,022 shares during the period. Jennison Associates LLC’s holdings in Procore Technologies were worth $16,023,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. XN LP increased its holdings in Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after buying an additional 1,411,812 shares in the last quarter. Dragoneer Investment Group LLC raised its holdings in shares of Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Procore Technologies during the third quarter valued at approximately $88,572,000. Robeco Schweiz AG grew its position in Procore Technologies by 20.1% in the 2nd quarter. Robeco Schweiz AG now owns 1,315,000 shares of the company’s stock worth $87,198,000 after purchasing an additional 220,000 shares during the period. Finally, Acadian Asset Management LLC raised its stake in Procore Technologies by 46.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,110,134 shares of the company’s stock valued at $73,597,000 after buying an additional 351,705 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 8,974 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares in the company, valued at $79,606,298.24. The trade was a 0.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the sale, the chief executive officer now owns 770,458 shares of the company’s stock, valued at $54,979,882.88. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 109,053 shares of company stock valued at $7,426,909 over the last 90 days. 29.00% of the stock is owned by company insiders.

Procore Technologies Stock Performance

Procore Technologies stock opened at $76.67 on Friday. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $83.35. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of -153.34 and a beta of 0.71. The firm has a 50 day simple moving average of $64.19 and a 200-day simple moving average of $63.98. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. On average, analysts expect that Procore Technologies, Inc. will post -0.23 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PCOR shares. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. The Goldman Sachs Group boosted their price objective on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Friday. KeyCorp raised their target price on Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Scotiabank lifted their price objective on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday. Finally, Jefferies Financial Group raised their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Company 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.