Insider Selling: Procore Technologies (NYSE:PCOR) Insider Sells 3,942 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 3,942 shares of Procore Technologies stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 4.6%

Shares of PCOR traded down $2.52 during trading on Tuesday, reaching $52.71. 2,786,256 shares of the company traded hands, compared to its average volume of 2,787,905. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $7.95 billion, a PE ratio of -103.35 and a beta of 0.73. The stock has a 50-day simple moving average of $52.74 and a 200-day simple moving average of $61.02. Procore Technologies, Inc. has a twelve month low of $45.02 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 EPS. On average, analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SJS Investment Consulting Inc. raised its position in Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies during the third quarter worth approximately $34,000. Jones Financial Companies Lllp raised its holdings in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the 4th quarter worth about $41,000. Finally, Allworth Financial LP increased its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Canaccord Genuity Group dropped their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Piper Sandler dropped their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Stifel Nicolaus dropped their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Finally, Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $72.56.

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.