Benjamin Singer Sells 3,943 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 3,943 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider directly owned 86,931 shares of the company’s stock, valued at $5,507,078.85. The trade was a 4.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 2.2%

NYSE PCOR traded down $1.39 during trading hours on Monday, reaching $62.10. The company had a trading volume of 4,730,935 shares, compared to its average volume of 3,951,018. The stock has a 50-day moving average of $48.57 and a 200 day moving average of $51.23. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The stock has a market capitalization of $9.44 billion, a P/E ratio of -238.87 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million during 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 revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, sell-side analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Piper Sandler decreased their price target 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. BMO Capital Markets raised their price target on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a research note on Wednesday, April 29th. Finally, UBS Group boosted their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $70.44.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Procore Technologies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after buying an additional 804,920 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Procore Technologies in the second quarter worth $300,345,000. California State Teachers Retirement System increased its position in shares of Procore Technologies by 3,881.6% during the second quarter. California State Teachers Retirement System now owns 5,391,046 shares of the company’s stock worth $218,984,000 after acquiring an additional 5,255,648 shares during the period. Wasatch Advisors LP increased its position in shares of Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after acquiring an additional 315,604 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in shares of Procore Technologies by 95.3% in the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after acquiring an additional 2,146,182 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.