Craig Jr. Courtemanche Sells 56,122 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $57.11, for a total value of $3,205,127.42. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $52,524,295.44. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $62.21 on Friday. The stock has a fifty day moving average price of $46.23 and a 200 day moving average price of $51.10. The stock has a market cap of $9.45 billion, a PE ratio of -239.26 and a beta of 0.70. 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 earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.Procore Technologies’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, equities research analysts predict that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PCOR. Guggenheim started coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price for the company. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Jefferies Financial Group cut their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Finally, Piper Sandler reduced their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $70.44.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. SJS Investment Consulting Inc. increased its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the 3rd quarter worth about $34,000. V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the 4th quarter worth about $41,000. Allworth Financial LP grew its holdings in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the period. Finally, Employees Retirement System of Texas purchased a new stake in Procore Technologies in the 4th quarter valued at about $54,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.