Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) CEO Sells 22,993 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) CEO Craig F. Jr. Courtemanche sold 22,993 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the completion of the sale, the chief executive officer now owns 793,123 shares of the company’s stock, valued at approximately $46,905,294.22. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Procore Technologies Price Performance

NYSE PCOR opened at $61.68 on Tuesday. Procore Technologies, Inc. has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The stock’s 50-day moving average is $63.53 and its two-hundred day moving average is $69.74. The firm has a market cap of $9.03 billion, a P/E ratio of -64.25 and a beta of 0.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The business had revenue of $284.30 million for the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The firm’s revenue was up 24.4% compared to the same quarter last year. During the same period last year, the business earned ($0.28) EPS. On average, analysts anticipate that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC grew its stake in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of Procore Technologies in the second quarter valued at about $51,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Procore Technologies in the fourth quarter valued at about $62,000. International Assets Investment Management LLC increased its stake in shares of Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after purchasing an additional 887 shares during the period. Finally, Quarry LP lifted its position in shares of Procore Technologies by 984.6% during the 2nd quarter. Quarry LP now owns 1,128 shares of the company’s stock worth $75,000 after purchasing an additional 1,024 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PCOR. Mizuho restated a “neutral” rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. JMP Securities reduced their price objective on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. lowered their target price on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Barclays downgraded Procore Technologies from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $78.00 to $54.00 in a report on Friday, August 2nd. Finally, KeyCorp decreased their price target on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $69.31.

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.