JPMorgan Chase & Co. Sells 2,214,371 Shares of Procore Technologies, Inc. (NYSE:PCOR)

JPMorgan Chase & Co. decreased its position in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 60.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,462,279 shares of the company's stock after selling 2,214,371 shares during the period. JPMorgan Chase & Co. owned about 0.98% of Procore Technologies worth $90,252,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PCOR. Synovus Financial Corp boosted its position in Procore Technologies by 24.3% during the 3rd quarter. Synovus Financial Corp now owns 6,465 shares of the company's stock worth $399,000 after acquiring an additional 1,262 shares during the period. Tidal Investments LLC lifted its position in shares of Procore Technologies by 237.8% in the third quarter. Tidal Investments LLC now owns 17,538 shares of the company's stock worth $1,082,000 after purchasing an additional 12,346 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Procore Technologies during the third quarter worth approximately $227,000. Coldstream Capital Management Inc. purchased a new position in Procore Technologies during the third quarter valued at approximately $235,000. Finally, Geode Capital Management LLC increased its stake in Procore Technologies by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company's stock valued at $105,967,000 after buying an additional 168,769 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on PCOR shares. TD Cowen boosted their price target on shares of Procore Technologies from $70.00 to $82.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Canaccord Genuity Group lifted their price objective on Procore Technologies from $67.00 to $83.00 and gave the company a "buy" rating in a research report on Friday, November 22nd. Jefferies Financial Group upped their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, November 18th. Mizuho lifted their price target on Procore Technologies from $65.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, December 13th. Finally, DA Davidson boosted their price target on Procore Technologies from $60.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $84.24.

Insiders Place Their Bets

In other Procore Technologies news, insider Steven Scott Davis sold 9,671 shares of the company's stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $65.00, for a total value of $628,615.00. Following the completion of the transaction, the insider now owns 192,137 shares of the company's stock, valued at $12,488,905. This represents a 4.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.07, for a total value of $318,294.96. Following the sale, the director now directly owns 1,355,720 shares in the company, valued at $84,149,540.40. The trade was a 0.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 142,693 shares of company stock valued at $10,479,096 in the last three months. Company insiders own 29.00% of the company's stock.

Procore Technologies Stock Performance

NYSE:PCOR traded up $1.87 during midday trading on Friday, reaching $77.04. The stock had a trading volume of 1,519,040 shares, compared to its average volume of 1,301,620. The stock has a market capitalization of $11.45 billion, a P/E ratio of -154.08 and a beta of 0.82. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $86.67. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm's fifty day simple moving average is $75.17 and its 200-day simple moving average is $66.38.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $295.89 million for the quarter, compared to the consensus estimate 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, equities research analysts forecast that Procore Technologies, Inc. will post -0.23 EPS for the current fiscal year.

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.