Procore Technologies (NYSE:PCOR) SVP Sells 10,000 Shares

Procore Technologies, Inc. (NYSE:PCOR) SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the sale, the senior vice president owned 104,981 shares in the company, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Procore Technologies Stock Up 7.3%

PCOR traded up $4.23 during trading on Thursday, hitting $62.21. The company’s stock had a trading volume of 4,747,594 shares, compared to its average volume of 3,894,934. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of -239.26 and a beta of 0.70. The firm’s 50 day moving average price is $46.23 and its two-hundred day moving average price is $51.10. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, sell-side analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PCOR. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Piper Sandler decreased their price objective on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Jefferies Financial Group lowered their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Guggenheim began coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price for the company. Finally, TD Cowen cut their price target on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $70.44.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently bought and sold shares of PCOR. ICONIQ Capital LLC acquired a new stake in Procore Technologies during the 2nd quarter worth $593,946,000. Sanctuary Advisors LLC bought a new position in shares of Procore Technologies in the 2nd quarter worth $238,000. Palidye Holdings Caymans Ltd bought a new position in shares of Procore Technologies in the 2nd quarter worth $1,247,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Procore Technologies in the 2nd quarter worth $650,000. Finally, Twin Tree Management LP acquired a new stake in shares of Procore Technologies during the second quarter worth $40,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.