Procore Technologies (NYSE:PCOR) Stock Price Down 4.6% After Insider Selling

Procore Technologies, Inc. (NYSE:PCOR) fell 4.6% on Friday after an insider sold shares in the company. The company traded as low as $59.22 and last traded at $59.30. 479,625 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 2,795,412 shares. The stock had previously closed at $62.17.

Specifically, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at $6,188,629.95. This trade represents a 8.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $52,524,295.44. The trade was a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Jefferies Financial Group decreased their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. BMO Capital Markets increased their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. Finally, Guggenheim began coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.44.

Procore Technologies Price Performance

The business has a 50 day simple moving average of $46.23 and a 200 day simple moving average of $51.10. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of -227.99 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company’s revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 earnings per share. On average, equities research analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the company. ICONIQ Capital LLC purchased a new stake in Procore Technologies during the second quarter worth about $593,946,000. BlackRock Inc. purchased a new position in shares of Procore Technologies in the second quarter valued at approximately $300,345,000. Deutsche Bank AG acquired a new position in shares of Procore Technologies in the second quarter valued at approximately $114,444,000. Assenagon Asset Management S.A. grew its holdings in shares of Procore Technologies by 95.3% in the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. Finally, Wasatch Advisors LP grew its holdings in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after purchasing an additional 1,717,492 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.