Procore Technologies (NYSE:PCOR) Director Sells 1,500 Shares

Procore Technologies, Inc. (NYSE:PCOR) Director Elisa Steele sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the transaction, the director directly owned 58,371 shares in the company, valued at approximately $3,677,373. This trade represents a 2.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

NYSE PCOR traded up $0.09 on Thursday, reaching $63.01. 3,176,069 shares of the stock traded hands, compared to its average volume of 2,809,479. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The company has a market cap of $9.57 billion, a price-to-earnings ratio of -242.35 and a beta of 0.70. The company has a fifty day moving average price of $47.34 and a 200-day moving average price of $51.05.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business’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 EPS. As a group, research analysts anticipate that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Institutional Trading of Procore Technologies

Several hedge funds have recently modified their holdings of PCOR. Vanguard Group Inc. boosted its holdings in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Procore Technologies in the 2nd quarter worth approximately $300,345,000. Wasatch Advisors LP raised its stake in shares of Procore Technologies by 6.8% during the 3rd 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 in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of 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 worth $178,653,000 after acquiring an additional 2,146,182 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after acquiring an additional 137,171 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on PCOR shares. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a research report on Wednesday, April 29th. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. BTIG Research reissued a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Friday, July 24th. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Finally, Piper Sandler lowered their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, July 31st. One 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 given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $70.44.

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.