Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) CEO Sells 68,000 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the sale, the chief executive officer now owns 530,049 shares of the company’s stock, valued at approximately $36,557,479.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Procore Technologies Stock Performance

Shares of PCOR traded down $1.09 during trading hours on Friday, hitting $68.14. The stock had a trading volume of 2,713,029 shares, compared to its average volume of 1,277,110. The firm has a market capitalization of $9.97 billion, a price-to-earnings ratio of -72.10 and a beta of 0.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a 50-day moving average price of $76.35 and a 200 day moving average price of $68.92. Procore Technologies, Inc. has a fifty-two week low of $48.11 and a fifty-two week high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. The business had revenue of $260.04 million for the quarter, compared to analyst estimates of $248.20 million. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PCOR. JMP Securities boosted their target price on shares of Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a report on Friday, February 16th. Mizuho reduced their price objective on shares of Procore Technologies from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday. The Goldman Sachs Group raised their target price on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. BMO Capital Markets reduced their price target on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, KeyCorp raised their price objective on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.79.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Procore Technologies by 30.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after acquiring an additional 297 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Procore Technologies by 72.2% during the first quarter. Jennison Associates LLC now owns 1,010,101 shares of the company’s stock worth $83,000,000 after buying an additional 423,578 shares in the last quarter. FORA Capital LLC acquired a new stake in shares of Procore Technologies in the first quarter valued at about $2,833,000. BNP Paribas purchased a new position in shares of Procore Technologies in the first quarter worth about $1,349,000. Finally, Capstone Investment Advisors LLC grew its stake in Procore Technologies by 140.0% during the 1st quarter. Capstone Investment Advisors LLC now owns 14,307 shares of the company’s stock valued at $1,176,000 after acquiring an additional 8,346 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.