Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells $2,533,347.08 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the transaction, the chairman owned 919,704 shares in the company, valued at $41,515,438.56. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Up 0.0%

PCOR opened at $42.37 on Monday. The stock’s fifty day moving average is $50.99 and its two-hundred day moving average is $59.37. The company has a market capitalization of $6.39 billion, a P/E ratio of -83.07 and a beta of 0.73. Procore Technologies, Inc. has a 52 week low of $40.74 and a 52 week high of $82.32. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Argos Wealth Advisors LLC grew its stake in Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after buying an additional 195 shares during the last quarter. Jones Financial Companies Lllp grew its stake in Procore Technologies by 70.8% during 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. Intellectus Partners LLC grew its stake in Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock worth $912,000 after buying an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock worth $1,068,000 after buying an additional 202 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Procore Technologies by 48.2% during the 4th 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 currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of analyst reports. BTIG Research reiterated a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. The Goldman Sachs Group cut their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. UBS Group cut their price target on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.

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.