Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells $3,001,404.56 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $53.48, for a total value of $3,001,404.56. Following the completion of the sale, the chairman directly owned 908,316 shares in the company, valued at approximately $48,576,739.68. This represents a 5.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $51.98 on Thursday. The stock has a 50 day moving average price of $54.23 and a 200 day moving average price of $51.98. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The stock has a market capitalization of $7.90 billion, a PE ratio of -199.94 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results 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. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same period last year, the company earned $0.35 earnings per share. The business’s revenue was up 15.8% compared to the same quarter last year. As a group, research analysts forecast that Procore Technologies, Inc. will post 0.41 EPS for the current year.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Procore Technologies in the second quarter valued at $300,345,000. Capital World Investors lifted its stake in shares of Procore Technologies by 18.2% during the 4th quarter. Capital World Investors now owns 3,115,612 shares of the company’s stock worth $226,630,000 after buying an additional 480,513 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after buying an additional 2,146,182 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Procore Technologies by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 2,211,144 shares of the company’s stock worth $160,872,000 after buying an additional 91,204 shares during the period. Finally, Wellington Management Group LLP grew its stake in Procore Technologies by 8.2% in the 2nd quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock valued at $140,166,000 after buying an additional 260,314 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Guggenheim initiated coverage on shares of Procore Technologies in a report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Jefferies Financial Group decreased their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $70.12.

About Procore Technologies

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.