Procore Technologies (NYSE:PCOR) Director Sells $230,586.70 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Elisa Steele sold 3,337 shares of the stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $69.10, for a total transaction of $230,586.70. Following the completion of the sale, the director directly owned 55,034 shares in the company, valued at approximately $3,802,849.40. The trade was a 5.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Elisa Steele also recently made the following trade(s):

• On Wednesday, August 19th, Elisa Steele sold 1,500 shares of Procore Technologies stock. The shares were sold at an average price of $63.00, for a total value of $94,500.00.

Procore Technologies Stock Performance

Procore Technologies stock traded down $0.28 during midday trading on Friday, reaching $75.33. 4,049,430 shares of the company were exchanged, compared to its average volume of 3,008,882. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of -327.49 and a beta of 0.75. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $80.40. The firm’s 50-day simple moving average is $57.53 and its 200-day simple moving average is $53.50.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 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 $402.31 million for the quarter, compared to the consensus estimate of $384.38 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. On average, analysts forecast that Procore Technologies, Inc. will post 0.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PCOR shares. DA Davidson set a $56.00 price objective on shares of Procore Technologies in a report on Monday, September 28th. Jefferies Financial Group lowered their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Guggenheim boosted their target price on shares of Procore Technologies from $68.00 to $85.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings raised shares of Procore Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 23rd. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research note on Monday, October 26th. Eighteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.35.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Allworth Financial LP lifted its stake in shares of Procore Technologies by 128.3% in the 3rd quarter. Allworth Financial LP now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 449 shares in the last quarter. Twin Tree Management LP purchased a new stake in shares of Procore Technologies during the 2nd quarter worth about $40,000. Global Retirement Partners LLC purchased a new stake in shares of Procore Technologies during the 2nd quarter worth about $52,000. Canton Hathaway LLC acquired a new stake in Procore Technologies during the 3rd quarter worth approximately $69,000. Finally, Versant Capital Management Inc increased its position in Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after purchasing an additional 529 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting 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.