Craig Jr. Courtemanche Sells 56,122 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the sale, the chairman directly owned 919,704 shares in the company, valued at $41,515,438.56. The trade was a 5.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Up 0.4%

Shares of PCOR traded up $0.17 during trading hours on Friday, reaching $42.37. 3,323,859 shares of the company traded hands, compared to its average volume of 2,126,660. The company’s fifty day moving average price is $50.99 and its two-hundred day moving average price is $59.46. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of -83.07 and a beta of 0.73. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $40.74 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same period in the previous year, the firm earned $0.23 EPS. The company’s revenue was up 15.7% on a year-over-year basis. Equities research analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. SJS Investment Consulting Inc. raised its holdings in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies during the third quarter valued at approximately $34,000. Jones Financial Companies Lllp increased its holdings in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Procore Technologies during the fourth quarter valued at approximately $41,000. Finally, Allworth Financial LP increased its holdings in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PCOR has been the topic of several research reports. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. DA Davidson dropped their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. BTIG Research reissued a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Wednesday, May 6th. Piper Sandler dropped their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group dropped their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.

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.