Procore Technologies (NYSE:PCOR) Director Sells $411,522.00 in Stock

Key Points

• Procore Technologies director Connor Kevin O sold 7,692 shares at an average price of $53.50, totaling $411,522. The sale was conducted under a pre-arranged Rule 10b5-1 plan and reduced his stake by 0.83%.
• Procore’s shares recently traded at $54.81, with a market capitalization of approximately $8.33 billion. The stock has ranged from $38.03 to $82.32 over the past year.
• The company exceeded quarterly expectations, reporting $0.47 in EPS versus $0.42 expected and revenue of $375.21 million. Analysts maintain a Moderate Buy consensus, with an average price target of $69.31.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 7,692 shares of the stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $53.50, for a total value of $411,522.00. Following the transaction, the director owned 915,978 shares in the company, valued at $49,004,823. This trade represents a 0.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Price Performance

NYSE PCOR traded up $0.42 on Wednesday, hitting $54.81. The company had a trading volume of 2,990,804 shares, compared to its average volume of 2,771,783. The company's fifty day moving average price is $56.25 and its 200-day moving average price is $51.34. The company has a market capitalization of $8.33 billion, a PE ratio of -210.82 and a beta of 0.78. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company's revenue was up 15.8% compared to the same quarter last year. During the same period last 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 year.

Institutional Trading of Procore Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Stephens Investment Management Group LLC grew its holdings in shares of Procore Technologies by 23.3% in the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company's stock valued at $30,960,000 after purchasing an additional 102,574 shares during the period. Deutsche Bank AG purchased a new position in Procore Technologies during the second quarter worth about $114,444,000. Hillsdale Investment Management Inc. acquired a new position in Procore Technologies in the 1st quarter valued at about $3,181,000. Bank of America Corp DE acquired a new position in Procore Technologies in the 2nd quarter valued at about $34,651,000. Finally, Citizens Financial Group Inc. RI purchased a new stake in shares of Procore Technologies in the 2nd quarter valued at approximately $964,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PCOR has been the subject of several research reports. BTIG Research reiterated a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. Guggenheim assumed coverage on Procore Technologies in a research report on Thursday, July 23rd. They issued a "buy" rating and a $68.00 target price on the stock. BMO Capital Markets lifted their price target on Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. DA Davidson set a $56.00 price target on Procore Technologies in a research report on Monday, September 28th. Finally, Barclays increased their price objective on Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $69.31.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company's products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.

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