Procore Technologies (NYSE:PCOR) Chairman Craig Jr. Courtemanche Sells 56,122 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $57.11, for a total value of $3,205,127.42. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $52,524,295.44. This trade represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Procore Technologies stock traded down $0.92 during midday trading on Wednesday, reaching $57.82. The stock had a trading volume of 2,013,901 shares, compared to its average volume of 3,930,535. The stock has a market capitalization of $8.79 billion, a P/E ratio of -222.38 and a beta of 0.70. The firm’s fifty day simple moving average is $46.00 and its 200-day simple moving average is $51.13. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. During the same period last year, the business earned $0.35 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

PCOR has been the topic of several analyst reports. Piper Sandler cut their price target on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. The Goldman Sachs Group dropped their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Guggenheim initiated coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. Finally, Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $70.44.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of PCOR. SJS Investment Consulting Inc. raised its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter valued at approximately $34,000. V Square Quantitative Management LLC bought a new position in shares of Procore Technologies during the 4th quarter worth approximately $41,000. Allworth Financial LP boosted its stake in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in shares of Procore Technologies during the 2nd quarter worth approximately $52,000. Institutional investors own 81.10% of the company’s stock.

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.