Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells 56,122 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $56.19, for a total value of $3,153,495.18. Following the completion of the transaction, the chairman owned 908,316 shares of the company’s stock, valued at $51,038,276.04. This trade represents a 5.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 0.3%

Shares of PCOR stock traded down $0.19 during mid-day trading on Wednesday, reaching $56.00. The stock had a trading volume of 3,627,032 shares, compared to its average volume of 2,916,136. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of -215.38 and a beta of 0.78. The business’s fifty day moving average is $56.33 and its 200-day moving average is $51.28.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Procore Technologies’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, analysts forecast that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PCOR shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price target on shares of Procore Technologies in a report on Monday, October 5th. Zacks Research cut Procore Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. TD Cowen dropped their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research note on Friday, October 2nd. Finally, UBS Group increased their target price on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One investment 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 given a Sell rating to the stock. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $69.44.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Whetstone Capital Advisors LLC acquired a new stake in Procore Technologies in the 2nd quarter worth about $1,990,000. Engineers Gate Manager LP acquired a new position in shares of Procore Technologies during the second quarter valued at approximately $971,000. Squarepoint Ops LLC raised its holdings in shares of Procore Technologies by 21.6% during the second quarter. Squarepoint Ops LLC now owns 305,837 shares of the company’s stock valued at $12,423,000 after acquiring an additional 54,285 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Procore Technologies by 3.8% during the second quarter. Arizona State Retirement System now owns 32,098 shares of the company’s stock valued at $1,304,000 after acquiring an additional 1,162 shares during the last quarter. Finally, Nykredit A S purchased a new position in shares of Procore Technologies in the second quarter valued at approximately $145,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.