Procore Technologies (NYSE:PCOR) Director Connor Kevin O Sells 7,692 Shares

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $54.98, for a total value of $422,906.16. Following the transaction, the director directly owned 939,054 shares of the company’s stock, valued at $51,629,188.92. The trade was a 0.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 0.7%

PCOR stock opened at $55.51 on Thursday. The company’s 50 day moving average is $45.36 and its 200 day moving average is $51.42. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of -213.48 and a beta of 0.70. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32.

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

Analysts Set New Price Targets

A number of research firms have weighed in on PCOR. BMO Capital Markets raised 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. The Goldman Sachs Group dropped their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Jefferies Financial Group cut 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. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Piper Sandler reduced their target price on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.44.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. bought a new stake in shares of Procore Technologies in the second quarter worth about $3,068,000. Handelsbanken Fonder AB raised its holdings in shares of Procore Technologies by 145.0% during the second quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company’s stock valued at $2,169,000 after acquiring an additional 31,600 shares in the last quarter. First Bank & Trust raised its holdings in shares of Procore Technologies by 62.1% during the second quarter. First Bank & Trust now owns 10,157 shares of the company’s stock valued at $413,000 after acquiring an additional 3,893 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 95.3% in the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after acquiring an additional 2,146,182 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in Procore Technologies by 50.3% in the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after acquiring an additional 529 shares in the last quarter. 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.