Procore Technologies (NYSE:PCOR) Stock Price Down 4.6% After Insider Selling

Procore Technologies, Inc. (NYSE:PCOR) was down 4.6% during trading on Friday following insider selling activity. The stock traded as low as $59.22 and last traded at $59.30. Approximately 479,625 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 2,795,412 shares. The stock had previously closed at $62.17.

Specifically, SVP William Fred Fleming, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the transaction, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $57.11, for a total value of $3,205,127.42. Following the sale, the chairman directly owned 919,704 shares in the company, valued at $52,524,295.44. This represents a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

A number of research analysts recently issued reports on PCOR shares. Piper Sandler decreased their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. BMO Capital Markets increased their price target on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. UBS Group increased their price target on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, TD Cowen lowered their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Procore Technologies Stock Down 4.7%

The stock has a market capitalization of $9.00 billion, a PE ratio of -227.99 and a beta of 0.70. The business’s 50-day moving average is $46.23 and its two-hundred day moving average is $51.10.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (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 analyst estimates of $365.82 million. During the same quarter last year, the company posted $0.35 earnings per share. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Nan Fung Group Holdings Ltd purchased a new stake in Procore Technologies in the second quarter valued at approximately $2,165,005,000. ICONIQ Capital LLC acquired a new position in shares of Procore Technologies in the 2nd quarter valued at $593,946,000. Sanctuary Advisors LLC purchased a new stake in Procore Technologies in the 2nd quarter valued at $238,000. Palidye Holdings Caymans Ltd acquired a new stake in Procore Technologies during the 2nd quarter worth $1,247,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Procore Technologies during the 2nd quarter worth $650,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.