Craig Jr. Courtemanche Sells 56,122 Shares of Procore Technologies (NYSE:PCOR) Stock

Key Points

• Procore chairman Craig Jr. Courtemanche sold 56,122 shares on July 10 at an average price of $43.90, generating about $2.46 million. The sale, made under a pre-arranged Rule 10b5-1 plan, reduced his ownership by 5.75%.
• PCOR shares fell 2.2% to $43.07 in Tuesday trading, with the stock sitting below both its 50-day and 200-day moving averages. Procore also remains well off its 52-week high of $82.32, though above its 52-week low of $38.03.
• Analysts remain mixed but mostly constructive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $70.33. Recent reports included several lowered targets, while Weiss Ratings reiterated a sell rating.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 2.2%

PCOR stock traded down $0.96 during midday trading on Tuesday, reaching $43.07. The company's stock had a trading volume of 1,709,367 shares, compared to its average volume of 3,126,878. The business's 50-day simple moving average is $45.42 and its 200-day simple moving average is $54.22. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The stock has a market cap of $6.50 billion, a PE ratio of -84.45 and a beta of 0.75.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the previous year, the firm posted $0.23 EPS. The business's revenue was up 15.7% on a year-over-year basis. As a group, sell-side analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on PCOR. Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Piper Sandler cut their price target on shares of Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. UBS Group reduced their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp upgraded shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. Finally, Barclays lowered their target price on shares of Procore Technologies from $65.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.33.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in shares of Procore Technologies during the fourth quarter worth about $511,000. Goldman Sachs Group Inc. lifted its stake in Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock valued at $48,392,000 after acquiring an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Procore Technologies by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company's stock valued at $23,156,000 after acquiring an additional 52,507 shares in the last quarter. Prudential Financial Inc. boosted its position in Procore Technologies by 56.8% during the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock worth $471,000 after acquiring an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after acquiring an additional 269 shares during the last quarter. 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.

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