Connor Kevin O Sells 5,769 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 5,769 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total transaction of $241,894.17. Following the sale, the director directly owned 967,901 shares in the company, valued at $40,584,088.93. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

PCOR stock traded up $1.85 during midday trading on Thursday, hitting $43.99. 3,795,225 shares of the stock traded hands, compared to its average volume of 3,197,444. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The stock’s fifty day simple moving average is $47.27 and its 200-day simple moving average is $55.91. The firm has a market cap of $6.64 billion, a P/E ratio of -86.26 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter last year, the company posted $0.23 EPS. The company’s revenue was up 15.7% on a year-over-year basis. On average, analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Wall Street Analyst Weigh In

PCOR has been the subject of several research analyst reports. Zacks Research raised Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. TD Cowen dropped their price target on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. BTIG Research reissued a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. Piper Sandler reduced their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Fourteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.33.

Institutional Trading of Procore Technologies

Several large investors have recently made changes to their positions in PCOR. Blue Owl Capital Holdings LP purchased a new position in Procore Technologies during the fourth quarter worth about $6,857,000. Robinhood Asset Management LLC purchased a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $7,136,000. Spyglass Capital Management LLC increased its holdings in shares of Procore Technologies by 5.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company’s stock worth $68,828,000 after buying an additional 45,790 shares during the last quarter. Stephens Investment Management Group LLC increased its holdings in shares of Procore Technologies by 20.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company’s stock worth $32,048,000 after buying an additional 75,436 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Procore Technologies by 105.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after buying an additional 23,555 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.