Benjamin Singer Sells 2,713 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 2,713 shares of Procore Technologies stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $50.41, for a total transaction of $136,762.33. Following the sale, the insider directly owned 68,885 shares of the company’s stock, valued at $3,472,492.85. This represents a 3.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Procore Technologies Price Performance

PCOR opened at $52.81 on Thursday. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of -78.82 and a beta of 0.89. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32. The business’s fifty day simple moving average is $63.44 and its 200-day simple moving average is $68.99.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The company had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 4.00%. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 earnings per share. On average, equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Robert W. Baird upped their target price on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Zacks Research cut Procore Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. BMO Capital Markets cut their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. KeyCorp reduced their target price on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Finally, BTIG Research decreased their price target on shares of Procore Technologies from $88.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $76.95.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MidFirst Bank acquired a new position in shares of Procore Technologies in the fourth quarter valued at about $156,000. Invesco Ltd. raised its position in Procore Technologies by 9.7% during the 4th quarter. Invesco Ltd. now owns 132,034 shares of the company’s stock worth $9,604,000 after buying an additional 11,673 shares during the last quarter. Corient Private Wealth LLC lifted its stake in Procore Technologies by 7.9% during the 4th quarter. Corient Private Wealth LLC now owns 5,302 shares of the company’s stock valued at $387,000 after acquiring an additional 389 shares during the period. Vident Advisory LLC boosted its holdings in shares of Procore Technologies by 6.0% in the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock valued at $281,000 after acquiring an additional 219 shares during the last quarter. Finally, XN LP increased its stake in shares of Procore Technologies by 0.5% in the fourth quarter. XN LP now owns 2,323,031 shares of the company’s stock worth $168,977,000 after acquiring an additional 11,481 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Procore Technologies

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.