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 company’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $56.19, for a total transaction of $3,153,495.18. Following the sale, the chairman directly owned 908,316 shares of the company’s stock, valued at $51,038,276.04. The trade was a 5.82% 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 Stock Performance

Shares of NYSE PCOR traded down $0.19 during mid-day trading on Wednesday, reaching $56.00. The company’s stock had a trading volume of 3,627,032 shares, compared to its average volume of 2,916,136. The stock has a 50-day moving average of $56.33 and a two-hundred day moving average of $51.28. The stock has a market capitalization of $8.51 billion, a P/E ratio of -215.38 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 quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 earnings per share. Analysts predict that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on PCOR shares. BMO Capital Markets boosted their target price on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. DA Davidson set a $56.00 price target on Procore Technologies in a report on Monday, September 28th. UBS Group increased their price target on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st. BTIG Research reiterated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. Finally, Barclays boosted their price objective on Procore Technologies from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.44.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Procore Technologies during the second quarter worth about $300,345,000. Assenagon Asset Management S.A. grew its stake in shares of Procore Technologies by 95.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after buying an additional 2,146,182 shares during the period. Wellington Management Group LLP grew its stake in shares of Procore Technologies by 8.2% in the 2nd quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock valued at $140,166,000 after buying an additional 260,314 shares during the period. Deutsche Bank AG purchased a new stake in shares of Procore Technologies in the 2nd quarter valued at approximately $114,444,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Procore Technologies by 158.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after buying an additional 1,240,247 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Procore Technologies

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.