Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells 56,122 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the completion of the sale, the chairman owned 927,580 shares of the company’s stock, valued at $44,189,911.20. This trade represents a 5.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of PCOR stock traded down $0.81 during mid-day trading on Tuesday, hitting $49.58. The stock had a trading volume of 2,343,407 shares, compared to its average volume of 1,923,189. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The firm has a market cap of $7.44 billion, a PE ratio of -74.00 and a beta of 0.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The company’s 50-day simple moving average is $54.69 and its 200-day simple moving average is $66.01.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter last year, the business earned $0.01 EPS. The business’s revenue was up 15.6% on a year-over-year basis. Sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Hedge Funds Weigh In On Procore Technologies

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

Analyst Upgrades and Downgrades

PCOR has been the subject of a number of research analyst reports. TD Cowen increased their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a report on Friday, February 13th. The Goldman Sachs Group cut their price target on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a report on Monday, February 9th. Barclays cut their price target on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Stifel Nicolaus cut their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Finally, Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Fifteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $75.82.

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. 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.