Craig Jr. Courtemanche Sells 56,121 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,121 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total value of $3,211,804.83. Following the completion of the sale, the chairman owned 927,580 shares in the company, valued at $53,085,403.40. The trade was a 5.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Procore Technologies Stock Up 1.7%

PCOR stock traded up $0.95 during midday trading on Thursday, reaching $57.04. 2,806,912 shares of the company’s stock traded hands, compared to its average volume of 2,835,210. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average price is $59.70 and its 200-day moving average price is $68.37. The company has a market cap of $8.56 billion, a price-to-earnings ratio of -85.13 and a beta of 0.90. Procore Technologies, Inc. has a 52 week low of $46.08 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. During the same period in the prior year, the company posted $0.01 earnings per share. Procore Technologies’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Procore Technologies by 12.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after acquiring an additional 360,207 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Procore Technologies in the third quarter worth approximately $1,442,000. Envestnet Asset Management Inc. boosted its stake in Procore Technologies by 31.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock worth $30,607,000 after purchasing an additional 99,706 shares during the last quarter. Federated Hermes Inc. grew its stake in Procore Technologies by 17.0% during the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock valued at $20,815,000 after acquiring an additional 44,105 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in shares of Procore Technologies by 19.6% in the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock valued at $26,627,000 after purchasing an additional 59,923 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of analyst reports. DA Davidson decreased their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Barclays reduced their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Piper Sandler reduced their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Finally, BMO Capital Markets dropped their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. Seventeen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $76.95.

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.