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

Key Points

• Director Connor Kevin O sold 7,692 Procore shares on March 10 at an average price of $57.25 for $440,367, cutting his stake by 0.76% but still holding 1,004,444 shares valued at about $57.5 million.
• Procore beat estimates with $0.37 EPS and $349.11M revenue (up 15.6% YoY) in its most recent quarter, but remains unprofitable with a negative net margin and ROE, and analysts have trimmed targets while the consensus rating is a Moderate Buy with a $76.95 price target.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 7,692 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $57.25, for a total value of $440,367.00. Following the completion of the sale, the director owned 1,004,444 shares of the company's stock, valued at $57,504,419. This trade represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Procore Technologies Trading Up 1.7%

PCOR stock traded up $0.95 during trading on Thursday, reaching $57.04. 2,806,912 shares of the stock were exchanged, compared to its average volume of 2,835,210. The business has a 50 day moving average price of $59.70 and a 200-day moving average price of $68.37. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of -85.13 and a beta of 0.90. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The company had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.Procore Technologies's revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.01 EPS. On average, research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PCOR. UBS Group reduced their price objective on Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a research note on Tuesday, February 3rd. BTIG Research restated a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a research note on Wednesday. Stifel Nicolaus lowered their target price on Procore Technologies from $85.00 to $63.00 and set a "buy" rating for the company in a research note on Friday, February 13th. Zacks Research lowered Procore Technologies from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 17th. Finally, Canaccord Genuity Group lowered their target price on Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $76.95.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in PCOR. Versant Capital Management Inc raised its stake in shares of Procore Technologies by 23.6% during the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company's stock valued at $68,000 after purchasing an additional 179 shares during the period. Jones Financial Companies Lllp raised its holdings in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after purchasing an additional 199 shares in the last quarter. Intellectus Partners LLC boosted its holdings in shares of Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company's stock valued at $912,000 after buying an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in shares of Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock worth $1,068,000 after acquiring an additional 202 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the last quarter. 81.10% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.