Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells 56,122 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the sale, the chairman owned 919,704 shares of the company’s stock, valued at approximately $41,515,438.56. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Price Performance

Procore Technologies stock traded up $0.17 during mid-day trading on Friday, hitting $42.37. 3,323,859 shares of the company traded hands, compared to its average volume of 2,126,660. Procore Technologies, Inc. has a one year low of $40.74 and a one year high of $82.32. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of -83.07 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a fifty day moving average price of $50.99 and a 200-day moving average price of $59.46.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. On average, equities analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PCOR shares. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. The Goldman Sachs Group lowered their price objective 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. Canaccord Genuity Group lowered their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Finally, Barclays lowered their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $72.56.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its stake in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp boosted its stake in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies during the 4th quarter valued at about $41,000. Finally, Allworth Financial LP boosted its stake in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 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.