Procore Technologies (NYSE:PCOR) Director Sells $477,134.76 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of Procore Technologies stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total value of $477,134.76. Following the completion of the sale, the director directly owned 931,362 shares of the company’s stock, valued at approximately $57,772,384.86. This trade represents a 0.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Down 4.4%

NYSE PCOR opened at $57.93 on Friday. The company has a market cap of $8.80 billion, a PE ratio of -222.81 and a beta of 0.74. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The firm’s 50-day simple moving average is $52.40 and its two-hundred day simple moving average is $51.86.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping 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 firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter last year, the company earned $0.35 earnings per share. The company’s revenue was up 15.8% on a year-over-year basis. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post 0.41 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PCOR. Jefferies Financial Group reduced their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Barclays lifted their target price on Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Guggenheim assumed coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the company. Argos Wealth Advisors LLC increased its position in shares of Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock valued at $294,000 after purchasing an additional 195 shares during the last quarter. Intellectus Partners LLC lifted its position in Procore Technologies by 1.6% in the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock worth $924,000 after buying an additional 200 shares during the last quarter. Allworth Financial LP lifted its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the last quarter. Vident Advisory LLC boosted its stake in Procore Technologies by 6.0% in the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock worth $281,000 after buying an additional 219 shares in the last quarter. Finally, George Kaiser Family Foundation grew its position in Procore Technologies by 0.5% during the fourth quarter. George Kaiser Family Foundation now owns 52,306 shares of the company’s stock valued at $3,805,000 after acquiring an additional 241 shares during the last quarter. 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.