Procore Technologies (NYSE:PCOR) Director Sells $94,500.00 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Elisa Steele sold 1,500 shares of Procore Technologies stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the transaction, the director owned 58,371 shares of the company’s stock, valued at $3,677,373. This trade represents a 2.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of PCOR opened at $63.30 on Friday. The firm has a market capitalization of $9.62 billion, a P/E ratio of -243.46 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. The stock has a 50 day moving average price of $48.18 and a two-hundred day moving average price of $51.18.

Procore Technologies (NYSE:PCOR) last posted its 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. The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the company earned $0.35 earnings per share. On average, equities analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PCOR. Brighton Jones LLC bought a new position in Procore Technologies during the fourth quarter valued at about $511,000. Goldman Sachs Group Inc. raised its position in Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after acquiring an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after acquiring an additional 52,507 shares during the period. Prudential Financial Inc. boosted its stake in Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after acquiring an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after acquiring an additional 269 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. TD Cowen lowered their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Jefferies Financial Group dropped their price target 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. UBS Group boosted their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Piper Sandler reduced their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.44.

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.