Procore Technologies (NYSE:PCOR) Shares Down 5.8% After Insider Selling

Procore Technologies, Inc. (NYSE:PCOR)’s stock price fell 5.8% during mid-day trading on Friday following insider selling activity. The company traded as low as $56.53 and last traded at $57.0510. 184,922 shares changed hands during trading, a decline of 93% from the average session volume of 2,794,993 shares. The stock had previously closed at $60.59.

Specifically, Director Kevin O’Connor sold 7,692 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $62.03, for a total value of $477,134.76. Following the transaction, the director owned 931,362 shares in the company, valued at approximately $57,772,384.86. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

PCOR has been the topic of a number of recent research reports. TD Cowen reduced their price objective 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. UBS Group increased their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. 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 research report on Friday, July 31st. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. One 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.44.

Procore Technologies Stock Down 6.3%

The firm has a market cap of $8.63 billion, a price-to-earnings ratio of -218.33 and a beta of 0.74. The stock’s 50 day moving average is $52.08 and its 200 day moving average is $51.82.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. Analysts anticipate that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Procore Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Brighton Jones LLC purchased a new position in Procore Technologies in the 4th quarter worth about $511,000. Goldman Sachs Group Inc. lifted its stake in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after buying an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after buying an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after acquiring an additional 269 shares in the last quarter. 81.10% of the stock is 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.