Procore Technologies (NYSE:PCOR) Chairman Craig Jr. Courtemanche Sells 56,122 Shares

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the company’s 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 completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $42.37 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. Procore Technologies, Inc. has a fifty-two week low of $40.74 and a fifty-two week high of $82.32. The stock’s 50-day moving average is $50.99 and its two-hundred day moving average is $59.46. The firm has a market cap of $6.39 billion, a P/E ratio of -83.07 and a beta of 0.73.

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). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the company earned $0.23 earnings per share. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. Analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PCOR. UBS Group dropped their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Stifel Nicolaus dropped their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Barclays dropped their target price on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Canaccord Genuity Group decreased their price target on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Finally, TD Cowen decreased their price target on Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. Fifteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.

Institutional Trading of Procore Technologies

Several large investors have recently made changes to their positions in PCOR. Alliancebernstein L.P. boosted its stake in shares of Procore Technologies by 493.9% during the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after acquiring an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP boosted its stake in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after acquiring an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares in the last quarter. Holocene Advisors LP boosted its stake in shares of Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after acquiring an additional 1,412,721 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Procore Technologies by 158.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after acquiring an additional 1,240,247 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

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.