Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells 56,121 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,121 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total transaction of $3,211,804.83. Following the completion of the transaction, the chairman directly owned 927,580 shares in the company, valued at $53,085,403.40. The trade was a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Procore Technologies Stock Up 1.7%

Shares of PCOR stock traded up $0.95 during trading on Thursday, reaching $57.04. The company’s stock had a trading volume of 2,806,912 shares, compared to its average volume of 2,835,210. The stock’s 50-day moving average price is $59.70 and its 200 day moving average price is $68.37. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of -85.13 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. Procore Technologies, Inc. has a 1-year low of $46.08 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. The firm had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.01 earnings per share. On average, research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PCOR. Global Retirement Partners LLC lifted its holdings in shares of Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter worth about $34,000. Jones Financial Companies Lllp boosted its position in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares during the period. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the 4th quarter valued at approximately $41,000. Finally, Allworth Financial LP increased its holdings in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PCOR. Zacks Research lowered shares of Procore Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. Stifel Nicolaus decreased their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. TD Cowen lifted their price objective on Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Finally, BMO Capital Markets cut their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a report on Thursday, February 5th. Seventeen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $76.95.

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.