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

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.25, for a total transaction of $440,367.00. Following the completion of the transaction, the director owned 1,004,444 shares of the company’s stock, valued at $57,504,419. This represents a 0.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Procore Technologies Price Performance

Procore Technologies stock traded down $0.71 during trading hours on Friday, hitting $56.32. 809,440 shares of the company traded hands, compared to its average volume of 2,649,840. Procore Technologies, Inc. has a 1-year low of $46.08 and a 1-year high of $82.32. The firm has a market cap of $8.45 billion, a P/E ratio of -84.17 and a beta of 0.90. The firm’s 50-day simple moving average is $59.70 and its two-hundred day simple moving average is $68.37. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same period in the prior year, the firm posted $0.01 earnings per share. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its stake in 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 acquiring an additional 5,079,534 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Procore Technologies by 76.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares in the last quarter. Wasatch Advisors LP increased its position in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after acquiring an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Procore Technologies by 77.6% in the third 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 during the last quarter. Finally, Holocene Advisors LP lifted its position 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 in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PCOR. The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a report on Monday, February 9th. Canaccord Genuity Group reduced their price target on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Stifel Nicolaus lowered their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. KeyCorp dropped their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Finally, BMO Capital Markets cut their price target on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.05.

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.