Procore Technologies (NYSE:PCOR) Stock: Insider Connor Kevin O Sells 7,692 Shares

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $54.53, for a total transaction of $419,444.76. Following the completion of the sale, the director owned 900,594 shares in the company, valued at approximately $49,109,390.82. This trade represents a 0.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $75.69 on Friday. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The company’s 50-day simple moving average is $57.29 and its 200-day simple moving average is $53.44. The stock has a market capitalization of $11.50 billion, a price-to-earnings ratio of -329.09 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. The business had revenue of $402.31 million during the quarter, compared to the consensus estimate of $384.38 million. Procore Technologies had a positive return on equity of 2.59% and a negative net margin of 2.31%. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the firm earned $0.42 earnings per share. As a group, research analysts forecast that Procore Technologies, Inc. will post 0.41 EPS for the current year.

Procore Technologies News Roundup

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

• Positive Sentiment: Procore’s Q3 results beat expectations: adjusted earnings were $0.51 per share versus estimates of about $0.45–$0.46, and revenue reached $402.3 million, up 18.7% year over year and above consensus. The earnings and revenue beat likely helped underpin the stock’s recent strength. Procore Q3 results
• Positive Sentiment: Analysts raised targets and reinforced buy-oriented ratings following the results. Goldman Sachs and Piper Sandler set $90 targets; Citizens JMP raised its target to $91, while Loop Capital upgraded the stock from Hold to Buy with a $93 target. Barclays, Guggenheim, BTIG and Cantor Fitzgerald also lifted targets. These revisions signal improved analyst expectations, though targets are not guarantees of future performance. Goldman Sachs target update Citizens JMP target update Loop Capital upgrade
• Neutral Sentiment: A Procore director sold 7,692 shares for about $419,000, but the sale was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by less than 1%, limiting its significance as a bearish signal. Director share sale

Wall Street Analyst Weigh In

Several research analysts have recently commented on PCOR shares. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research report on Monday, October 26th. TD Cowen boosted their price target on Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a report on Monday. Zacks Research lowered Procore Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Griffin Securities initiated coverage on Procore Technologies in a research report on Wednesday, October 28th. They set a “buy” rating and a $82.00 price target on the stock. Finally, BTIG Research raised their price objective on Procore Technologies from $66.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday. Eighteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.35.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently modified their holdings of PCOR. Maryland State Retirement & Pension System boosted its position in Procore Technologies by 25.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 6,998 shares of the company’s stock valued at $362,000 after purchasing an additional 1,407 shares during the period. Jefferies Financial Group Inc. grew its stake in Procore Technologies by 304.8% during the 3rd quarter. Jefferies Financial Group Inc. now owns 218,440 shares of the company’s stock worth $11,298,000 after buying an additional 164,477 shares during the last quarter. Illinois Municipal Retirement Fund acquired a new stake in Procore Technologies in the third quarter worth $1,387,000. Keybank National Association OH increased its position in Procore Technologies by 39.0% in the third quarter. Keybank National Association OH now owns 12,334 shares of the company’s stock worth $638,000 after buying an additional 3,459 shares during the period. Finally, New York Life Investment Management LLC increased its position in Procore Technologies by 26.7% in the third quarter. New York Life Investment Management LLC now owns 17,293 shares of the company’s stock worth $894,000 after buying an additional 3,640 shares during the period. Institutional investors own 81.10% of the company’s stock.

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.