Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells $2,865,589.32 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the sale, the chairman owned 927,580 shares in the company, valued at $47,362,234.80. This represents a 5.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Price Performance

NYSE:PCOR opened at $46.44 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock’s 50 day moving average price is $54.91 and its two-hundred day moving average price is $63.18. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of -91.05 and a beta of 0.78. Procore Technologies, Inc. has a 12-month low of $45.02 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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 business had revenue of $359.28 million during 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%. Procore Technologies’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. On average, analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on PCOR. Canaccord Genuity Group dropped their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. BMO Capital Markets dropped their price objective on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. Barclays dropped their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. DA Davidson dropped their price objective on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Finally, Piper Sandler lowered their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Fifteen equities research 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’s stock. According to MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $72.56.

Hedge Funds Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in PCOR. Alliancebernstein L.P. increased its stake in shares of Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the period. Wasatch Advisors LP increased its stake in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the period. Wellington Management Group LLP increased its stake in shares of Procore Technologies by 77.6% during the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after purchasing an additional 1,486,153 shares during the period. Holocene Advisors LP increased its stake in shares of Procore Technologies by 245.9% during the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after purchasing an additional 1,412,721 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Procore Technologies by 158.9% during the first 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 during the period. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

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.