Insider Selling: Procore Technologies (NYSE:PCOR) Insider Sells 4,225 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 4,225 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the sale, the insider owned 64,660 shares in the company, valued at approximately $3,233,000. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Procore Technologies Stock Performance

PCOR stock traded up $1.98 during midday trading on Tuesday, reaching $50.84. 1,965,560 shares of the company were exchanged, compared to its average volume of 3,501,234. Procore Technologies, Inc. has a one year low of $46.08 and a one year high of $82.32. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of -75.88 and a beta of 0.90. The business has a 50-day moving average price of $63.85 and a two-hundred day moving average price of $69.11. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 4.00%. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the business posted $0.01 earnings per share. Equities research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PCOR. Global Retirement Partners LLC boosted its position in shares of Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the third quarter valued at about $34,000. Jones Financial Companies Lllp boosted its stake in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after buying an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies in the 4th quarter valued at $41,000. Finally, Allworth Financial LP increased its holdings in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PCOR shares. The Goldman Sachs Group cut their target price on Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Piper Sandler dropped their price target on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Canaccord Genuity Group decreased their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, UBS Group cut their price target on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Seventeen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

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. 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 Execution, 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.