Insider Selling: Procore Technologies (NYSE:PCOR) Director Sells 5,769 Shares

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 5,769 shares of Procore Technologies stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the completion of the sale, the director owned 967,901 shares in the company, valued at $40,584,088.93. This represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Up 4.4%

Shares of Procore Technologies stock traded up $1.85 during trading hours on Thursday, hitting $43.99. The company’s stock had a trading volume of 3,795,225 shares, compared to its average volume of 3,197,444. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The firm has a fifty day moving average of $47.27 and a 200-day moving average of $55.91. The stock has a market cap of $6.64 billion, a price-to-earnings ratio of -86.26 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.23 earnings per share. Research analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Trading of Procore Technologies

Several hedge funds have recently made changes to their positions in the business. Alliancebernstein L.P. increased its position in shares of Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after acquiring an additional 5,079,534 shares during the period. Wasatch Advisors LP boosted its holdings in Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the period. Wellington Management Group LLP boosted its holdings in Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after purchasing an additional 1,486,153 shares during the period. Holocene Advisors LP grew its stake in Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after purchasing an additional 1,412,721 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Procore Technologies by 158.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after purchasing an additional 1,240,247 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PCOR shares. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. The Goldman Sachs Group lowered their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. UBS Group dropped their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. BTIG Research reissued a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, May 6th. Finally, Piper Sandler decreased their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.33.

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.