Procore Technologies (NYSE:PCOR) Stock: Insider Benjamin Singer Sells 2,586 Shares

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 2,586 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $75.00, for a total value of $193,950.00. Following the transaction, the insider owned 84,345 shares of the company’s stock, valued at $6,325,875. This represents a 2.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $75.33 on Friday. The firm has a market capitalization of $11.45 billion, a PE ratio of -327.49 and a beta of 0.75. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $80.40. The business’s fifty day moving average price is $57.53 and its two-hundred day moving average price is $53.50.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.05. The company had revenue of $402.31 million during the quarter, compared to the consensus estimate of $384.38 million. Procore Technologies had a negative net margin of 2.31% and a positive return on equity of 2.59%. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. Equities research analysts expect that Procore Technologies, Inc. will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in the company. Twin Tree Management LP bought a new position in Procore Technologies during the second quarter valued at approximately $40,000. Allworth Financial LP grew its position in Procore Technologies by 128.3% in the third quarter. Allworth Financial LP now owns 799 shares of the company’s stock worth $41,000 after acquiring an additional 449 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Procore Technologies in the second quarter worth approximately $52,000. Versant Capital Management Inc increased its stake in shares of Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after purchasing an additional 529 shares during the last quarter. Finally, Canton Hathaway LLC acquired a new position in shares of Procore Technologies during the 3rd quarter worth $69,000. Institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PCOR shares. Jefferies Financial Group decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Barclays boosted their price objective on shares of Procore Technologies from $62.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday. BTIG Research upped their price objective on shares of Procore Technologies from $66.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday. DA Davidson set a $56.00 target price on shares of Procore Technologies in a research report on Monday, September 28th. Finally, Griffin Securities assumed coverage on shares of Procore Technologies in a research note on Wednesday, October 28th. They set a “buy” rating and a $82.00 target price for the company. Eighteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $80.35.

Key Stories Impacting Procore Technologies

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. Director share sale

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.