Benjamin Singer Sells 3,943 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 3,943 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the sale, the insider directly owned 86,931 shares in the company, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Down 2.3%

PCOR opened at $60.66 on Wednesday. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of -233.29 and a beta of 0.70. The firm has a 50-day moving average price of $48.95 and a 200-day moving average price of $51.28. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $365.82 million. During the same period in the prior year, the company posted $0.35 EPS. Procore Technologies’s revenue was up 15.8% compared to the same quarter last year. On average, sell-side analysts expect that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of the stock. SJS Investment Consulting Inc. increased its holdings in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies in the third quarter worth $34,000. Twin Tree Management LP purchased a new position in Procore Technologies in the second quarter worth $40,000. Allworth Financial LP increased its stake in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in Procore Technologies in the second quarter valued at $52,000. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PCOR has been the topic of a number of recent research reports. BMO Capital Markets increased their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. BTIG Research reissued a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. UBS Group raised their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Barclays boosted their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Finally, Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average 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.