Insider Selling: Procore Technologies (NYSE:PCOR) Director Sells $411,522.00 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the business’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $53.50, for a total transaction of $411,522.00. Following the completion of the transaction, the director owned 915,978 shares of the company’s stock, valued at approximately $49,004,823. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Up 2.4%

PCOR stock opened at $56.09 on Friday. The company’s 50-day simple moving average is $56.29 and its 200-day simple moving average is $51.35. Procore Technologies, Inc. has a 52-week low of $38.03 and a 52-week high of $82.32. The firm has a market cap of $8.52 billion, a P/E ratio of -215.72 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last announced its quarterly 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 firm had revenue of $375.21 million during 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 for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. On average, analysts anticipate that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Procore Technologies in the second quarter worth about $300,345,000. Deutsche Bank AG purchased a new stake in Procore Technologies during the 2nd quarter valued at about $114,444,000. Assenagon Asset Management S.A. grew its stake in Procore Technologies by 95.3% during 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 acquiring an additional 2,146,182 shares in the last quarter. Bamco Inc. NY acquired a new stake in Procore Technologies in the 2nd quarter valued at about $62,116,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake 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 worth $115,170,000 after purchasing an additional 1,240,247 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

PCOR has been the topic of a number of recent analyst reports. Guggenheim began coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a report on Friday, October 2nd. BTIG Research reaffirmed a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Friday, July 24th. DA Davidson set a $56.00 target price on shares of Procore Technologies in a research report on Monday, September 28th. Finally, UBS Group boosted their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.31.

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.