Procore Technologies (NYSE:PCOR) Director Sells $247,863.00 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 5,775 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the transaction, the director owned 979,439 shares of the company’s stock, valued at $42,037,521.88. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

NYSE PCOR traded down $1.68 during trading hours on Wednesday, hitting $40.14. The company had a trading volume of 4,177,579 shares, compared to its average volume of 2,250,427. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies, Inc. has a 1-year low of $40.04 and a 1-year high of $82.32. The company has a market cap of $6.06 billion, a PE ratio of -78.70 and a beta of 0.73. The business has a 50 day moving average of $50.01 and a 200-day moving average of $58.68.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the prior year, the company earned $0.23 EPS. The business’s revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PCOR. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a research note on Wednesday, April 29th. Piper Sandler decreased their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Finally, BTIG Research reiterated a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Wednesday, May 6th. Fourteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.33.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after purchasing an additional 804,920 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP raised its holdings in Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Wellington Management Group LLP raised its holdings in Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Procore Technologies by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock worth $249,416,000 after purchasing an additional 127,256 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.