Procore Technologies (NYSE:PCOR) Chairman Sells $3,001,404.56 in Stock

Key Points

• Procore Chairman Craig Courtemanche sold 56,122 shares for approximately $3.0 million at an average price of $53.48 under a pre-arranged Rule 10b5-1 trading plan. He retained 908,316 shares valued at about $48.6 million.
• Procore shares traded at $56.70, while the company reported quarterly EPS of $0.47 and revenue of $375.21 million, exceeding analyst expectations; revenue increased 15.8% year over year.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $70.44. Institutional investors own approximately 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 that occurred on Thursday, September 10th. The shares were sold at an average price of $53.48, for a total transaction of $3,001,404.56. Following the completion of the sale, the chairman owned 908,316 shares in the company, valued at $48,576,739.68. This represents a 5.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

NYSE:PCOR traded up $3.44 during trading hours on Monday, hitting $56.70. The stock had a trading volume of 1,909,141 shares, compared to its average volume of 2,680,752. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32. The business's 50 day moving average is $53.91 and its 200-day moving average is $52.01. The company has a market cap of $8.62 billion, a price-to-earnings ratio of -218.09 and a beta of 0.74.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly 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 firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business's revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 earnings per share. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PCOR. Argos Wealth Advisors LLC grew its stake in shares of Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock worth $294,000 after purchasing an additional 195 shares during the period. Intellectus Partners LLC boosted its holdings in Procore Technologies by 1.6% in the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company's stock valued at $924,000 after purchasing an additional 200 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after acquiring an additional 204 shares during the last quarter. George Kaiser Family Foundation increased its holdings in Procore Technologies by 0.5% during the 4th quarter. George Kaiser Family Foundation now owns 52,306 shares of the company's stock worth $3,805,000 after purchasing an additional 241 shares during the period. Finally, Strs Ohio increased its holdings in Procore Technologies by 9.1% in the first quarter. Strs Ohio now owns 2,996 shares of the company's stock valued at $171,000 after buying an additional 251 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PCOR. Piper Sandler decreased their price objective on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, July 31st. UBS Group raised their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. BMO Capital Markets boosted their price target on Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Finally, Zacks Research upgraded Procore Technologies from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and a consensus price target of $70.44.

Procore Technologies Company Profile

Procore Technologies, Inc NYSE: PCOR provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company's products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.

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