Procore Technologies (NYSE:PCOR) Stock: Insider William Fred Fleming, Jr. Sells 16,852 Shares

Procore Technologies, Inc. (NYSE:PCOR) SVP William Fred Fleming, Jr. sold 16,852 shares of Procore Technologies stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $76.57, for a total transaction of $1,290,357.64. Following the transaction, the senior vice president directly owned 91,049 shares of the company’s stock, valued at approximately $6,971,621.93. This trade represents a 15.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Procore Technologies Trading Up 0.4%

NYSE:PCOR opened at $77.57 on Friday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $79.80. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.06 and a quick ratio of 1.17. The company’s 50-day simple moving average is $59.08 and its 200 day simple moving average is $53.81. The firm has a market capitalization of $11.60 billion, a P/E ratio of -337.24 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.05. Procore Technologies had a negative net margin of 2.31% and a positive return on equity of 2.67%. The business had revenue of $402.31 million during the quarter, compared to the consensus estimate of $384.38 million. During the same quarter last year, the firm earned $0.42 earnings per share. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. As a group, analysts forecast that Procore Technologies, Inc. will post 0.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Procore Technologies during the second quarter valued at approximately $300,345,000. Assenagon Asset Management S.A. raised its holdings in Procore Technologies by 0.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock worth $229,154,000 after acquiring an additional 32,494 shares during the last quarter. Wellington Management Group LLP lifted its position in 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 acquiring an additional 260,314 shares in the last quarter. Deutsche Bank AG bought a new position in Procore Technologies in the 2nd quarter valued at approximately $114,444,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock valued at $115,170,000 after acquiring an additional 1,240,247 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PCOR. Mizuho set a $68.00 price objective on Procore Technologies in a research report on Wednesday, November 4th. Barclays boosted their target price on Procore Technologies from $62.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, November 5th. Guggenheim increased their target price on Procore Technologies from $68.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, November 5th. TD Cowen increased their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, November 2nd. Finally, UBS Group raised their price target on Procore Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Eighteen research analysts have rated the stock with 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, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.35.

Procore Technologies Company Profile

Procore Technologies provides cloud-based construction management software designed to help construction companies plan, manage and execute projects. Its platform connects project teams and stakeholders, including owners, general contractors, specialty contractors and design professionals. Procore’s products support project management, construction financials, workforce coordination, quality and safety processes, and project data and analytics. The platform also offers integrations with third-party applications to help customers connect construction workflows and business systems.