Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells $3,153,495.18 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $56.19, for a total value of $3,153,495.18. Following the completion of the transaction, the chairman directly owned 908,316 shares in the company, valued at $51,038,276.04. This represents a 5.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Price Performance

NYSE PCOR opened at $56.97 on Friday. The company has a fifty day moving average of $56.39 and a 200 day moving average of $51.35. The company has a market capitalization of $8.66 billion, a PE ratio of -219.11 and a beta of 0.78. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 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 for the quarter, compared to analyst estimates of $365.82 million. During the same period last year, the company earned $0.35 earnings per share. Procore Technologies’s revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts expect that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PCOR. BlackRock Inc. acquired a new position in Procore Technologies in the second quarter valued at $300,345,000. Deutsche Bank AG purchased a new stake in shares of Procore Technologies in the second quarter valued at about $114,444,000. Assenagon Asset Management S.A. increased its position in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after buying an additional 2,146,182 shares in the last quarter. Bamco Inc. NY acquired a new stake in Procore Technologies during the second quarter worth approximately $62,116,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Procore Technologies by 158.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after acquiring an additional 1,240,247 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

More Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Higher price target from Cantor Fitzgerald: Cantor raised its target for Procore from $65 to $70 and maintained an “overweight” rating, implying substantial potential upside. Cantor Fitzgerald raises Procore price target
• Positive Sentiment: Analysts remain broadly bullish: Brokerages have an average target of $69.44, with most analysts rating PCOR Buy or Strong Buy. Barclays recently raised its target to $62, reinforcing the constructive outlook. Procore consensus price target
• Positive Sentiment: New software partnership: Procore named Bespoke Metrics’ COMPASS its preferred subcontractor prequalification solution. The “Prequal for All” offering is available to customers and is intended to improve subcontractor risk management, potentially strengthening Procore’s platform value. Procore names COMPASS preferred solution
• Positive Sentiment: Valuation and recovery case: One analysis argues PCOR may be modestly undervalued on cash flow and that its 15% revenue growth, market-share gains and possible stabilization in nonresidential construction could support a recovery. Procore recovery analysis
• Neutral Sentiment: Recent operating performance: Procore’s latest reported quarter exceeded estimates, with $375.2 million in revenue, up 15.8% year over year, and EPS of $0.47 versus expectations of $0.42. However, the company still reported a negative net margin.
• Negative Sentiment: Chairman sold shares: Chairman Craig Courtemanche sold 56,122 shares for approximately $3.15 million, reducing his direct ownership by 5.82%. Although the transaction was made under a pre-arranged Rule 10b5-1 plan and he retains more than 908,000 shares, the sizable insider sale may weigh on sentiment. Procore chairman share sale

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Jefferies Financial Group lowered their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Zacks Research lowered shares of Procore Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. DA Davidson set a $56.00 price target on Procore Technologies in a research note on Monday, September 28th. Cantor Fitzgerald raised their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $69.75.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.