Insider Selling: Procore Technologies (NYSE:PCOR) Insider Sells 4,225 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 4,225 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the sale, the insider owned 64,660 shares of the company’s stock, valued at $3,233,000. This trade represents a 6.13% 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.

Procore Technologies Stock Performance

Shares of Procore Technologies stock traded up $1.98 during trading on Tuesday, reaching $50.84. The company’s stock had a trading volume of 1,965,560 shares, compared to its average volume of 3,501,234. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. The business’s fifty day moving average price is $63.85 and its 200-day moving average price is $69.11. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of -75.88 and a beta of 0.90. Procore Technologies, Inc. has a one year low of $46.08 and a one year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative return on equity of 4.00% and a negative net margin of 7.62%.The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.01 EPS. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Hedge Funds Weigh In On Procore Technologies

A number of large investors have recently bought and sold shares of PCOR. Brighton Jones LLC acquired a new position in shares of Procore Technologies during the 4th quarter worth about $511,000. Goldman Sachs Group Inc. grew its holdings in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares during the last quarter. CWM LLC raised its stake in Procore Technologies by 156.2% in the second quarter. CWM LLC now owns 3,433 shares of the company’s stock valued at $235,000 after buying an additional 2,093 shares during the period. Finally, Ethic Inc. raised its stake in Procore Technologies by 60.2% in the second quarter. Ethic Inc. now owns 7,104 shares of the company’s stock valued at $482,000 after buying an additional 2,670 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analysts Set New Price Targets

PCOR has been the subject of a number of research reports. Piper Sandler reduced their price target on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. BMO Capital Markets reduced their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Canaccord Genuity Group decreased their target price on Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Finally, Stifel Nicolaus lowered their price target on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.95.

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.