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 firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the transaction, the director owned 979,439 shares in the company, 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 at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 0.0%

Shares of Procore Technologies stock opened at $39.99 on Friday. The stock has a fifty day simple moving average of $49.40 and a 200 day simple moving average of $58.31. Procore Technologies, Inc. has a 12-month low of $38.71 and a 12-month high of $82.32. The company has a market capitalization of $6.03 billion, a P/E ratio of -78.41 and a beta of 0.73. 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 released its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $352.82 million. During the same period in the previous year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC purchased a new stake in Procore Technologies during the first quarter worth about $563,000. Caerus Investment Advisors LLC purchased a new position in Procore Technologies in the first quarter valued at about $234,000. Segall Bryant & Hamill LLC boosted its stake in Procore Technologies by 4.4% in the first quarter. Segall Bryant & Hamill LLC now owns 500,152 shares of the company’s stock valued at $28,509,000 after acquiring an additional 21,266 shares during the last quarter. Essential Partners LLC grew its position in shares of Procore Technologies by 1,585.4% during the 1st quarter. Essential Partners LLC now owns 3,236 shares of the company’s stock valued at $184,000 after acquiring an additional 3,044 shares during the period. Finally, Ariadne Wealth Management LP bought a new position in shares of Procore Technologies during the 1st quarter valued at approximately $309,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Piper Sandler reduced 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 report on Wednesday, May 6th. 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. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a research note on Wednesday, April 29th. Finally, TD Cowen cut their target price on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Fourteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $71.33.

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.