Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) Director Sells 5,128 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the completion of the transaction, the director now owns 1,360,848 shares of the company’s stock, valued at $79,582,391.04. The transaction was disclosed in a filing with the SEC, which is available at this link.

Procore Technologies Trading Up 5.6 %

Shares of Procore Technologies stock traded up $3.16 during midday trading on Thursday, reaching $60.02. 1,944,311 shares of the company’s stock traded hands, compared to its average volume of 1,524,253. The stock has a 50 day moving average of $60.72 and a 200-day moving average of $67.62. Procore Technologies, Inc. has a 12 month low of $48.11 and a 12 month high of $83.35. The company has a market cap of $8.86 billion, a PE ratio of -62.49 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55.

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

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently bought and sold shares of PCOR. Signaturefd LLC grew its holdings in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the period. Rothschild Investment LLC bought a new stake in shares of Procore Technologies during the second quarter valued at approximately $51,000. Quarry LP grew its stake in Procore Technologies by 984.6% in the second 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 period. Advisors Asset Management Inc. raised its holdings in Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after purchasing an additional 260 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in Procore Technologies by 30.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after buying an additional 297 shares during the period. 81.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Barclays cut shares of Procore Technologies from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $78.00 to $54.00 in a research report on Friday, August 2nd. BMO Capital Markets reduced their target price on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. TD Cowen assumed coverage on shares of Procore Technologies in a research note on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price target for the company. Macquarie reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Procore Technologies in a research note on Tuesday, July 30th. Finally, Stifel Nicolaus lowered their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.