Procore Technologies (NYSE:PCOR) Reaches New 52-Week Low on Insider Selling

Procore Technologies, Inc. (NYSE:PCOR)’s stock price hit a new 52-week low during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $40.59 and last traded at $41.8690, with a volume of 109730 shares traded. The stock had previously closed at $41.81.

Specifically, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $42.00, for a total value of $242,298.00. Following the transaction, the director owned 973,670 shares of the company’s stock, valued at $40,894,140. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of Procore Technologies stock in a transaction on Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the sale, the director directly owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at approximately $41,515,438.56. This represents a 5.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PCOR shares. Piper Sandler cut their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a research note on Wednesday, April 29th. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Finally, TD Cowen cut their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $71.33.

Procore Technologies Price Performance

The firm has a market capitalization of $6.03 billion, a PE ratio of -78.41 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a fifty day moving average price of $49.69 and a 200-day moving average price of $58.44.

Procore Technologies (NYSE:PCOR) last issued 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). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The company had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. During the same quarter last year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. Sell-side analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Institutional Trading of Procore Technologies

Several hedge funds have recently modified their holdings of the company. SJS Investment Consulting Inc. grew its position in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies during the third quarter valued at approximately $34,000. Jones Financial Companies Lllp lifted its position in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the fourth quarter valued at approximately $41,000. Finally, Allworth Financial LP boosted its stake in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.