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

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 4,225 shares of Procore Technologies stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Procore Technologies Trading Up 4.1%

Procore Technologies stock opened at $50.84 on Wednesday. Procore Technologies, Inc. has a 52 week low of $46.08 and a 52 week high of $82.32. 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 firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of -75.88 and a beta of 0.90. The company has a 50 day moving average price of $63.85 and a 200 day moving average price of $69.11.

Procore Technologies (NYSE:PCOR) last released 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. Procore Technologies had a negative return on equity of 4.00% and a negative net margin of 7.62%.The company had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter in the previous year, the business posted $0.01 EPS. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. Research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PCOR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. TD Cowen lifted their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Zacks Research cut shares of Procore Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. BTIG Research lowered their target price on shares of Procore Technologies from $88.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Finally, The Goldman Sachs Group cut their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Seventeen analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its stake in shares of Procore Technologies by 9.7% during the fourth quarter. Invesco Ltd. now owns 132,034 shares of the company’s stock valued at $9,604,000 after acquiring an additional 11,673 shares during the period. Corient Private Wealth LLC boosted its position in shares of Procore Technologies by 7.9% during the fourth quarter. Corient Private Wealth LLC now owns 5,302 shares of the company’s stock worth $387,000 after purchasing an additional 389 shares in the last quarter. Vident Advisory LLC grew its stake in Procore Technologies by 6.0% in the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock valued at $281,000 after acquiring an additional 219 shares during the period. XN LP grew its position in shares of Procore Technologies by 0.5% in the 4th quarter. XN LP now owns 2,323,031 shares of the company’s stock valued at $168,977,000 after purchasing an additional 11,481 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Procore Technologies during the fourth quarter worth $4,779,000. 81.10% of the stock is currently 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. 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.