Procore Technologies (NYSE:PCOR) Director Sells $422,906.16 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $54.98, for a total transaction of $422,906.16. Following the sale, the director owned 939,054 shares in the company, valued at $51,629,188.92. The trade was a 0.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Up 2.5%

Shares of PCOR opened at $57.13 on Friday. The company has a 50-day simple moving average of $45.67 and a 200-day simple moving average of $51.37. The company has a market capitalization of $8.68 billion, a PE ratio of -219.74 and a beta of 0.70. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating 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 firm had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter last year, the business earned $0.35 earnings per share. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, research analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings 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 worth $957,150,000 after acquiring an additional 804,920 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Procore Technologies during the second quarter valued at $300,345,000. Wasatch Advisors LP increased its position in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. increased its position 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 worth $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Procore Technologies by 4.0% in 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. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PCOR. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Barclays upped their target price on Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Guggenheim started coverage on Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target for the company. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group lowered their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.