Connor Kevin O Sells 7,692 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $62.03, for a total value of $477,134.76. Following the sale, the director owned 931,362 shares of the company’s stock, valued at approximately $57,772,384.86. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Price Performance

Shares of NYSE:PCOR traded up $1.08 during trading on Thursday, hitting $60.57. The company’s stock had a trading volume of 1,988,207 shares, compared to its average volume of 2,847,212. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of -232.96 and a beta of 0.74. The company has a 50-day moving average of $52.08 and a 200-day moving average of $51.82. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. During the same period in the prior year, the company earned $0.35 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. As a group, research analysts anticipate that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on PCOR. BTIG Research reissued a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. UBS Group increased their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. TD Cowen decreased their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $70.44.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Procore Technologies during the second quarter worth about $300,345,000. California State Teachers Retirement System boosted its stake in Procore Technologies by 3,881.6% in the 2nd quarter. California State Teachers Retirement System now owns 5,391,046 shares of the company’s stock worth $218,984,000 after purchasing an additional 5,255,648 shares during the period. Wasatch Advisors LP grew its holdings in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after buying an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after buying an additional 2,146,182 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after buying an additional 137,171 shares during the last quarter. 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.