Procore Technologies, Inc. (NYSE:PCOR) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lowered its holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 44.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,080,313 shares of the company's stock after selling 870,074 shares during the quarter. Franklin Resources Inc. owned approximately 0.73% of Procore Technologies worth $80,948,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its stake in Procore Technologies by 8.7% in the third quarter. The Manufacturers Life Insurance Company now owns 31,718 shares of the company's stock worth $1,958,000 after buying an additional 2,538 shares in the last quarter. FMR LLC lifted its stake in shares of Procore Technologies by 4.6% during the 3rd quarter. FMR LLC now owns 17,939 shares of the company's stock worth $1,107,000 after purchasing an additional 797 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Procore Technologies by 5.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,304 shares of the company's stock valued at $15,943,000 after purchasing an additional 13,550 shares in the last quarter. Janus Henderson Group PLC grew its stake in Procore Technologies by 128.7% in the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company's stock valued at $142,267,000 after purchasing an additional 1,297,151 shares during the last quarter. Finally, Stifel Financial Corp raised its holdings in Procore Technologies by 10.1% in the third quarter. Stifel Financial Corp now owns 118,447 shares of the company's stock worth $7,311,000 after purchasing an additional 10,834 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

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Procore Technologies Stock Performance

Procore Technologies stock traded up $2.22 during midday trading on Tuesday, hitting $60.36. 553,478 shares of the company were exchanged, compared to its average volume of 1,415,939. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The firm has a market capitalization of $9.05 billion, a PE ratio of -83.85 and a beta of 0.90. The business has a fifty day simple moving average of $73.96 and a two-hundred day simple moving average of $72.42. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on PCOR shares. Barclays lifted 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. KeyCorp increased their price objective on Procore Technologies from $85.00 to $96.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Macquarie dropped their target price 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. Mizuho increased their price target on Procore Technologies from $65.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group dropped their price target on Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $89.65.

Insider Transactions at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Howard Fu sold 1,190 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.00, for a total value of $79,730.00. Following the completion of the transaction, the chief financial officer now owns 146,160 shares in the company, valued at approximately $9,792,720. This trade represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,604 shares of company stock valued at $5,427,468 in the last three months. 29.00% of the stock is currently owned by company insiders.

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.