Procore Technologies (NYSE:PCOR) Chairman Sells $2,463,755.80 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Up 3.3%

PCOR stock opened at $45.03 on Friday. The firm has a market cap of $6.79 billion, a PE ratio of -88.29 and a beta of 0.75. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The company has a fifty day simple moving average of $45.06 and a 200 day simple moving average of $53.80. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the company earned $0.23 earnings per share. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. Sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PCOR. Vanguard Group Inc. boosted its position in shares of Procore Technologies by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after acquiring an additional 804,920 shares during the period. Alliancebernstein L.P. increased its position 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 acquiring an additional 5,079,534 shares during the period. Wasatch Advisors LP increased its position 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 acquiring an additional 315,604 shares during the period. Assenagon Asset Management S.A. raised its stake in Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after purchasing an additional 2,146,182 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Procore Technologies by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after purchasing an additional 137,171 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PCOR shares. Barclays lowered their price objective on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. TD Cowen lowered their price target on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, April 21st. Finally, BTIG Research reissued a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research report on Wednesday, May 6th. Fourteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.33.

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. 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.