Insider Selling: Procore Technologies (NYSE:PCOR) Director Sells $291,449.88 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 5,769 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $50.52, for a total value of $291,449.88. Following the completion of the transaction, the director owned 1,021,751 shares of the company’s stock, valued at approximately $51,618,860.52. The trade was a 0.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Procore Technologies Price Performance

Shares of PCOR stock opened at $55.03 on Monday. The business’s fifty day moving average is $62.68 and its 200 day moving average is $68.92. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of -82.13 and a beta of 0.90. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share. Research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PCOR. DA Davidson decreased their target price on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. KeyCorp reduced their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. The Goldman Sachs Group dropped their target price on Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Piper Sandler cut their target price on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Finally, BTIG Research lowered their price target on Procore Technologies from $88.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.95.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently modified their holdings of the business. MidFirst Bank purchased a new position in shares of Procore Technologies in the fourth quarter worth approximately $156,000. Invesco Ltd. boosted its holdings in Procore Technologies by 9.7% in the 4th quarter. Invesco Ltd. now owns 132,034 shares of the company’s stock worth $9,604,000 after buying an additional 11,673 shares during the period. Corient Private Wealth LLC raised its holdings in Procore Technologies by 7.9% during the fourth quarter. Corient Private Wealth LLC now owns 5,302 shares of the company’s stock valued at $387,000 after acquiring an additional 389 shares during the period. Vident Advisory LLC raised its stake in Procore Technologies by 6.0% during the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock valued at $281,000 after purchasing an additional 219 shares during the period. Finally, XN LP lifted its holdings in shares of Procore Technologies by 0.5% in the fourth quarter. XN LP now owns 2,323,031 shares of the company’s stock worth $168,977,000 after buying an additional 11,481 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.