Procore Technologies (NYSE:PCOR) Insider Benjamin Singer Sells 2,586 Shares of Company Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 2,586 shares of the business’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $75.00, for a total value of $193,950.00. Following the transaction, the insider directly owned 84,345 shares in the company, valued at $6,325,875. This trade represents a 2.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 0.4%

NYSE:PCOR traded down $0.28 during trading hours on Friday, hitting $75.33. The company had a trading volume of 4,049,430 shares, compared to its average volume of 3,008,882. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $80.40. The company has a market cap of $11.45 billion, a P/E ratio of -327.49 and a beta of 0.75. The company has a 50-day moving average of $57.53 and a 200 day moving average of $53.50.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.46 by $0.05. The business had revenue of $402.31 million for the quarter, compared to analyst estimates of $384.38 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 18.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 EPS. On average, analysts forecast that Procore Technologies, Inc. will post 0.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PCOR has been the subject of several analyst reports. Griffin Securities initiated coverage on shares of Procore Technologies in a research note on Wednesday, October 28th. They issued a “buy” rating and a $82.00 price target for the company. UBS Group lifted their price target on shares of Procore Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday. Mizuho set a $68.00 price objective on Procore Technologies in a report on Wednesday. Guggenheim increased their price objective on Procore Technologies from $68.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, BTIG Research raised their target price on Procore Technologies from $66.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday. Eighteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $80.35.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Procore Technologies during the 2nd quarter valued at about $300,345,000. Assenagon Asset Management S.A. grew its position in Procore Technologies by 0.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock valued at $229,154,000 after acquiring an additional 32,494 shares in the last quarter. Wellington Management Group LLP increased its stake in Procore Technologies by 8.2% during the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock worth $140,166,000 after purchasing an additional 260,314 shares during the period. Deutsche Bank AG purchased a new stake in Procore Technologies during the second quarter worth about $114,444,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Procore Technologies by 158.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after purchasing an additional 1,240,247 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Trending Headlines about Procore Technologies

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. Director share sale

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.