Procore Technologies (NYSE:PCOR) Director Connor Kevin O Sells 5,769 Shares

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 5,769 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $42.00, for a total value of $242,298.00. Following the transaction, the director directly owned 973,670 shares in the company, valued at $40,894,140. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Down 4.0%

Shares of PCOR opened at $40.14 on Thursday. Procore Technologies, Inc. has a 52-week low of $40.04 and a 52-week high of $82.32. The company has a market capitalization of $6.06 billion, a PE ratio of -78.70 and a beta of 0.73. The stock has a fifty day simple moving average of $50.01 and a two-hundred day simple moving average of $58.68. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly 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 net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the firm posted $0.23 EPS. The company’s revenue was up 15.7% compared to the same quarter last year. As a group, equities analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on PCOR. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Piper Sandler decreased their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. The Goldman Sachs Group lowered their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. UBS Group cut their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Citizens Jmp upgraded 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. Fourteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $71.33.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of PCOR. Blue Owl Capital Holdings LP purchased a new position in shares of Procore Technologies in the fourth quarter valued at approximately $6,857,000. Robinhood Asset Management LLC purchased a new stake in Procore Technologies during the 4th quarter worth approximately $7,136,000. Spyglass Capital Management LLC lifted its holdings in Procore Technologies by 5.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company’s stock worth $68,828,000 after buying an additional 45,790 shares in the last quarter. Stephens Investment Management Group LLC boosted its position in Procore Technologies by 20.7% in the 4th quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company’s stock valued at $32,048,000 after buying an additional 75,436 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Procore Technologies by 105.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after buying an additional 23,555 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.