Insider Selling: Procore Technologies (NYSE:PCOR) SVP Sells $589,500.00 in Stock

Procore Technologies, Inc. (NYSE:PCOR) SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Procore Technologies Stock Down 4.1%

Shares of PCOR stock opened at $59.65 on Friday. The firm has a 50 day moving average of $46.45 and a 200-day moving average of $51.16. The company has a market cap of $9.06 billion, a price-to-earnings ratio of -229.40 and a beta of 0.70. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 EPS. Analysts anticipate that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on PCOR. Jefferies Financial Group cut their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Guggenheim started coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price objective for the company. Finally, BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Friday, July 24th. One 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 stock. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $70.44.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PCOR. ICONIQ Capital LLC bought a new position in Procore Technologies in the 2nd quarter valued at about $593,946,000. BlackRock Inc. bought a new stake in Procore Technologies during the 2nd quarter worth approximately $300,345,000. Deutsche Bank AG bought a new stake in Procore Technologies during the 2nd quarter worth approximately $114,444,000. Assenagon Asset Management S.A. raised its stake 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 worth $178,653,000 after purchasing an additional 2,146,182 shares during the last quarter. Finally, Wasatch Advisors LP raised its stake 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 worth $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

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.