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

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $56.19, for a total value of $3,153,495.18. Following the transaction, the chairman directly owned 908,316 shares in the company, valued at $51,038,276.04. This trade represents a 5.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 0.3%

PCOR opened at $56.00 on Thursday. The company has a fifty day simple moving average of $56.33 and a 200 day simple moving average of $51.28. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of -215.38 and a beta of 0.78. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. Procore Technologies’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 EPS. On average, analysts forecast that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PCOR shares. UBS Group boosted their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. TD Cowen lowered their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Procore Technologies in a research report on Monday, October 5th. Barclays raised their target price on Procore Technologies from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday. Finally, DA Davidson set a $56.00 target price on Procore Technologies in a research note on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.44.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently added to or reduced their stakes in the company. Whetstone Capital Advisors LLC acquired a new stake in Procore Technologies during the 2nd quarter valued at $1,990,000. Engineers Gate Manager LP bought a new position in Procore Technologies in the 2nd quarter valued at $971,000. Squarepoint Ops LLC raised its position in Procore Technologies by 21.6% in the 2nd quarter. Squarepoint Ops LLC now owns 305,837 shares of the company’s stock valued at $12,423,000 after purchasing an additional 54,285 shares during the last quarter. Arizona State Retirement System boosted its stake in Procore Technologies by 3.8% in the second quarter. Arizona State Retirement System now owns 32,098 shares of the company’s stock worth $1,304,000 after purchasing an additional 1,162 shares in the last quarter. Finally, Nykredit A S acquired a new position in Procore Technologies in the second quarter worth $145,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.