ICONIQ Capital LLC Trims Position in Procore Technologies, Inc. $PCOR

ICONIQ Capital LLC trimmed its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 1.8% during the first quarter, HoldingsChannel reports. The firm owned 22,297,433 shares of the company’s stock after selling 400,000 shares during the quarter. Procore Technologies comprises 27.2% of ICONIQ Capital LLC’s portfolio, making the stock its 2nd largest holding. ICONIQ Capital LLC owned approximately 0.15% of Procore Technologies worth $1,472,077,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCOR. Brighton Jones LLC bought a new position in shares of Procore Technologies during the fourth quarter worth $511,000. GeoWealth Management LLC bought a new stake in Procore Technologies in the 4th quarter valued at $78,000. First Trust Advisors LP lifted its position in Procore Technologies by 682.3% in the 4th quarter. First Trust Advisors LP now owns 68,289 shares of the company’s stock valued at $5,117,000 after acquiring an additional 59,560 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Procore Technologies by 20.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 729,268 shares of the company’s stock valued at $54,647,000 after acquiring an additional 124,449 shares in the last quarter. Finally, MML Investors Services LLC lifted its position in Procore Technologies by 187.1% in the 4th quarter. MML Investors Services LLC now owns 18,488 shares of the company’s stock valued at $1,385,000 after acquiring an additional 12,048 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

Procore Technologies Trading Up 4.8%

Shares of NYSE:PCOR opened at $67.7590 on Friday. The company’s 50-day moving average price is $68.94 and its two-hundred day moving average price is $68.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29. Procore Technologies, Inc. has a one year low of $52.78 and a one year high of $88.92. The stock has a market capitalization of $10.18 billion, a PE ratio of -70.58 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $323.92 million for the quarter, compared to analysts’ expectations of $311.91 million. During the same period in the previous year, the firm posted $0.39 EPS. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PCOR has been the topic of several research reports. Citizens Jmp cut shares of Procore Technologies from an “outperform” rating to a “market perform” rating in a research report on Friday, August 1st. Mizuho boosted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Barclays boosted their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, July 14th. Arete initiated coverage on shares of Procore Technologies in a research report on Monday, June 16th. They issued a “buy” rating and a $91.00 price objective on the stock. Finally, JMP Securities reaffirmed a “market perform” rating and issued a $95.00 price objective on shares of Procore Technologies in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $83.06.

Insider Activity

In other news, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $66.28, for a total value of $509,825.76. Following the sale, the director directly owned 1,146,405 shares of the company’s stock, valued at approximately $75,983,723.40. This represents a 0.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,205 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the sale, the insider directly owned 86,366 shares in the company, valued at approximately $5,498,923.22. The trade was a 4.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 664,449 shares of company stock valued at $43,235,011. 21.50% of the stock is owned by company insiders.

Procore Technologies 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.