Procore Technologies (NYSE:PCOR) Director Sells $845,152.98 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 15,386 shares of Procore Technologies stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total value of $845,152.98. Following the transaction, the director owned 946,746 shares of the company’s stock, valued at $52,004,757.78. The trade was a 1.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Up 2.5%

NYSE PCOR opened at $57.13 on Friday. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a market cap of $8.68 billion, a P/E ratio of -219.74 and a beta of 0.70. The stock’s fifty day moving average price is $45.67 and its 200-day moving average price is $51.37.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PCOR. Jefferies Financial Group dropped their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Barclays boosted their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. UBS Group lifted their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.44.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Procore Technologies during the second quarter valued at approximately $300,345,000. Deutsche Bank AG bought a new position in Procore Technologies in the second quarter worth approximately $114,444,000. Assenagon Asset Management S.A. boosted its stake in shares of Procore Technologies by 95.3% during the 2nd 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 last quarter. Wasatch Advisors LP grew its position in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after acquiring an additional 1,717,492 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after acquiring an additional 1,486,153 shares during the period. Institutional investors own 81.10% of the company’s stock.

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.