Connor Kevin O Sells 15,386 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 15,386 shares of Procore Technologies stock in a transaction that occurred 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 completion of the sale, the director directly owned 946,746 shares in the company, valued at $52,004,757.78. This represents a 1.60% decrease in their position. The sale was disclosed in a 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 Price Performance

PCOR opened at $55.63 on Friday. The business has a 50 day simple moving average of $45.52 and a 200-day simple moving average of $51.33. The stock has a market capitalization of $8.45 billion, a P/E ratio of -213.96 and a beta of 0.70. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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. 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 during the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. Procore Technologies’s revenue was up 15.8% compared to the same quarter last year. Research analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCOR. Brighton Jones LLC purchased a new position in shares of Procore Technologies during the 4th quarter worth $511,000. Goldman Sachs Group Inc. grew its position in shares of Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after purchasing an additional 52,507 shares during the period. Prudential Financial Inc. increased its stake in Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after purchasing an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PCOR shares. BTIG Research restated a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. Piper Sandler reduced their price target on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a research report on Wednesday, April 29th. TD Cowen dropped their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. Finally, Barclays lifted their price objective on Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Procore Technologies Company Profile

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.