Procore Technologies (NASDAQ:PCOR) Trading Down 2.6%

Shares of Procore Technologies, Inc. (NASDAQ:PCORGet Rating) were down 2.6% during trading on Wednesday . The stock traded as low as $46.78 and last traded at $47.01. Approximately 3,559 shares were traded during trading, a decline of 100% from the average daily volume of 912,728 shares. The stock had previously closed at $48.26.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PCOR shares. Moffett Nathanson started coverage on shares of Procore Technologies in a report on Thursday, September 22nd. They set a “buy” rating and a $73.00 target price on the stock. Wolfe Research assumed coverage on shares of Procore Technologies in a report on Tuesday, August 16th. They set a “peer perform” rating on the stock. Piper Sandler cut their price target on shares of Procore Technologies from $72.00 to $67.00 and set an “overweight” rating on the stock in a report on Thursday, October 20th. Mizuho cut their price target on shares of Procore Technologies from $80.00 to $74.00 and set a “buy” rating on the stock in a report on Monday, October 17th. Finally, Scotiabank assumed coverage on shares of Procore Technologies in a report on Monday, October 31st. They issued a “sector perform” rating and a $55.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.46.

Procore Technologies Stock Performance

The business’s 50 day moving average price is $52.19 and its two-hundred day moving average price is $51.14. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.60.

Insider Activity at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 24,200 shares of Procore Technologies stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $49.50, for a total transaction of $1,197,900.00. Following the completion of the transaction, the chief executive officer now directly owns 3,683,087 shares of the company’s stock, valued at approximately $182,312,806.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 40.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. ICONIQ Capital LLC raised its holdings in Procore Technologies by 2.7% in the first quarter. ICONIQ Capital LLC now owns 44,808,883 shares of the company’s stock worth $2,597,174,000 after buying an additional 1,186,014 shares during the last quarter. Vanguard Group Inc. raised its holdings in Procore Technologies by 20.4% in the third quarter. Vanguard Group Inc. now owns 6,141,607 shares of the company’s stock worth $303,886,000 after buying an additional 1,042,498 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Procore Technologies by 0.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,899,536 shares of the company’s stock worth $291,910,000 after buying an additional 27,715 shares during the last quarter. 12 West Capital Management LP grew its stake in shares of Procore Technologies by 51.8% in the first quarter. 12 West Capital Management LP now owns 3,208,211 shares of the company’s stock worth $185,948,000 after acquiring an additional 1,095,000 shares during the period. Finally, Echo Street Capital Management LLC grew its stake in shares of Procore Technologies by 29.2% in the second quarter. Echo Street Capital Management LLC now owns 2,724,148 shares of the company’s stock worth $123,649,000 after acquiring an additional 615,038 shares during the period. 81.52% of the stock is owned by hedge funds and other institutional investors.

About Procore Technologies

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Procore Technologies, Inc provides 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 Management, 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.

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