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

Key Points

• Chairman Craig Jr. Courtemanche sold 56,122 Procore shares for approximately $3.21 million at an average price of $57.11 under a pre-arranged Rule 10b5-1 plan, reducing his stake by 5.75% to 919,704 shares.
• Procore’s stock fell 1.6% to $57.82, while the company’s latest quarterly results exceeded expectations: adjusted EPS was $0.47 versus a $0.42 estimate, and revenue rose 15.8% year over year to $375.21 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $70.44 average price target; institutional investors own 81.1% of the company.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the sale, the chairman owned 919,704 shares of the company's stock, valued at $52,524,295.44. This trade represents a 5.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Down 1.6%

NYSE:PCOR traded down $0.92 on Wednesday, reaching $57.82. The stock had a trading volume of 2,013,901 shares, compared to its average volume of 3,930,535. The company has a market capitalization of $8.79 billion, a P/E ratio of -222.38 and a beta of 0.70. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32. The stock has a fifty day moving average price of $46.00 and a 200-day moving average price of $51.13.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The business's revenue was up 15.8% on a year-over-year basis. Sell-side analysts predict that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company's stock valued at $957,150,000 after acquiring an additional 804,920 shares during the period. BlackRock Inc. bought a new position in Procore Technologies during the second quarter worth about $300,345,000. Wasatch Advisors LP raised its position in shares of Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock worth $362,560,000 after purchasing an additional 315,604 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Procore Technologies by 95.3% during 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 period. Finally, Wellington Management Group LLP increased its stake in Procore Technologies by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company's stock worth $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PCOR. Citigroup reiterated a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. The Goldman Sachs Group cut their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. BMO Capital Markets raised their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Finally, TD Cowen cut their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average 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.

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