Granite Investment Partners LLC Sells 6,480 Shares of Procore Technologies, Inc. (NYSE:PCOR)

Granite Investment Partners LLC decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 9.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,588 shares of the company's stock after selling 6,480 shares during the quarter. Granite Investment Partners LLC's holdings in Procore Technologies were worth $4,690,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after acquiring an additional 2,670,872 shares during the period. Wellington Management Group LLP acquired a new position in Procore Technologies in the fourth quarter valued at about $131,840,000. Assenagon Asset Management S.A. grew its stake in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock worth $214,377,000 after buying an additional 1,425,967 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Procore Technologies by 474.3% in the 4th quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company's stock valued at $105,614,000 after buying an additional 1,164,074 shares during the period. Finally, Norges Bank bought a new stake in shares of Procore Technologies during the 4th quarter worth approximately $86,387,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PCOR shares. KeyCorp boosted their price objective on shares of Procore Technologies from $85.00 to $96.00 and gave the company an "overweight" rating in a research report on Friday, February 14th. JMP Securities upped their price objective on Procore Technologies from $90.00 to $95.00 and gave the stock a "market outperform" rating in a research report on Tuesday, February 18th. Macquarie reduced their price objective on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group lowered their target price on Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Barclays reduced their price target on shares of Procore Technologies from $90.00 to $70.00 and set an "equal weight" rating on the stock in a research note on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $86.88.

Procore Technologies Trading Down 2.5 %

Shares of NYSE:PCOR traded down $1.50 during midday trading on Friday, reaching $58.37. The company's stock had a trading volume of 1,030,883 shares, compared to its average volume of 1,731,829. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week 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 firm has a 50 day moving average price of $69.99 and a two-hundred day moving average price of $72.12. The firm has a market capitalization of $8.75 billion, a price-to-earnings ratio of -81.06 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. As a group, analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Activity

In other news, Director Connor Kevin J. O sold 6,410 shares of Procore Technologies stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $77.33, for a total transaction of $495,685.30. Following the completion of the transaction, the director now directly owns 1,244,188 shares in the company, valued at $96,213,058.04. This trade represents a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total value of $117,000.00. Following the transaction, the insider now owns 83,039 shares of the company's stock, valued at $6,477,042. This trade represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,982 shares of company stock worth $5,069,759 in the last three months. Company insiders own 29.00% of the company's stock.

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.