Procore Technologies (NYSE:PCOR) Director Sells $477,134.76 in Stock

Key Points

• Director Connor Kevin O sold 7,692 Procore shares at an average price of $62.03, generating $477,134.76. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, leaving him with 931,362 shares.
• Procore shares rose 1.8% to $60.57, while the company reported quarterly EPS of $0.47 and revenue of $375.21 million, beating analyst estimates and marking 15.8% year-over-year revenue growth.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $70.44, while institutional investors own 81.1% of the company’s stock.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 7,692 shares of Procore Technologies stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $62.03, for a total transaction of $477,134.76. Following the transaction, the director directly owned 931,362 shares of the company's stock, valued at approximately $57,772,384.86. This trade represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Up 1.8%

PCOR traded up $1.08 during midday trading on Thursday, reaching $60.57. The company's stock had a trading volume of 1,988,207 shares, compared to its average volume of 2,847,212. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of -232.96 and a beta of 0.74. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The stock's 50-day moving average is $52.08 and its 200-day moving average is $51.82.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results 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 firm had revenue of $375.21 million during 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 period last year, the business earned $0.35 earnings per share. As a group, equities research analysts forecast that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PCOR has been the subject of several analyst reports. Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. Guggenheim assumed coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They set a "buy" rating and a $68.00 price objective for the company. UBS Group upped their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Jefferies Financial Group cut their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, July 21st. Finally, Citigroup restated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $70.44.

Institutional Trading of Procore Technologies

A number of institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at approximately $511,000. Goldman Sachs Group Inc. grew its position in Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company's stock worth $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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 worth $23,156,000 after purchasing an additional 52,507 shares during the period. Prudential Financial Inc. raised its stake in Procore Technologies by 56.8% during the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company's stock valued at $471,000 after buying an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock valued at $500,000 after buying an additional 269 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Company Profile

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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