Procore Technologies (NYSE:PCOR) Hits New 12-Month Low After Insider Selling

Procore Technologies, Inc. (NYSE:PCOR) reached a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $40.59 and last traded at $41.8690, with a volume of 109730 shares. The stock had previously closed at $41.81.

Specifically, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $42.00, for a total transaction of $242,298.00. Following the completion of the transaction, the director owned 973,670 shares of the company’s stock, valued at $40,894,140. The trade was a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares in the company, valued at approximately $42,037,521.88. This represents a 0.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $41,515,438.56. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PCOR. The Goldman Sachs Group decreased their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target for the company in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $71.33.

Procore Technologies Trading Down 0.3%

The business’s 50 day moving average price is $49.69 and its 200-day moving average price is $58.44. The company has a market cap of $6.03 billion, a price-to-earnings ratio of -78.41 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.

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

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. raised its holdings in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Procore Technologies in the third quarter valued at $34,000. Jones Financial Companies Lllp boosted its stake in shares of Procore Technologies by 70.8% in 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 in the 4th quarter worth about $41,000. Finally, Allworth Financial LP grew its holdings in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.