Procore Technologies (NYSE:PCOR) Insider Benjamin Singer Sells 2,586 Shares of Stock

Key Points

• Procore insider Benjamin Singer sold 2,586 shares for $193,950 at an average price of $75 under a pre-arranged Rule 10b5-1 plan; he retained 84,345 shares.
• Procore beat quarterly estimates, reporting $0.51 EPS and $402.3 million in revenue, up 18.7% year over year.
• Analyst sentiment was broadly positive: 18 analysts rated the stock Buy, and the consensus price target was $80.35.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) insider Benjamin Singer sold 2,586 shares of the business's stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $75.00, for a total transaction of $193,950.00. Following the transaction, the insider owned 84,345 shares in the company, valued at $6,325,875. This trade represents a 2.97% decrease in their position. The transaction was disclosed in a legal 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

Shares of PCOR traded down $0.28 during midday trading on Friday, hitting $75.33. The stock had a trading volume of 4,049,430 shares, compared to its average volume of 3,008,882. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $80.40. The firm has a market cap of $11.45 billion, a PE ratio of -327.49 and a beta of 0.75. The stock's 50 day moving average is $57.53 and its 200 day moving average is $53.50.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm had revenue of $402.31 million during the quarter, compared to analysts' expectations of $384.38 million. During the same period in the previous year, the company earned $0.42 EPS. The firm's revenue for the quarter was up 18.7% compared to the same quarter last year. As a group, equities research analysts expect that Procore Technologies, Inc. will post 0.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Procore Technologies from $69.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday. The Goldman Sachs Group increased their target price on shares of Procore Technologies from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday. Zacks Research lowered shares of Procore Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Griffin Securities initiated coverage on shares of Procore Technologies in a research report on Wednesday, October 28th. They issued a "buy" rating and a $82.00 price target for the company. Finally, Guggenheim increased their price objective on shares of Procore Technologies from $68.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday. Eighteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $80.35.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PCOR. Strs Ohio raised its position in shares of Procore Technologies by 9.1% in the 1st quarter. Strs Ohio now owns 2,996 shares of the company's stock valued at $171,000 after purchasing an additional 251 shares during the last quarter. Allworth Financial LP grew its position in Procore Technologies by 128.3% during the 3rd quarter. Allworth Financial LP now owns 799 shares of the company's stock worth $41,000 after purchasing an additional 449 shares during the period. Parallel Advisors LLC lifted its holdings in Procore Technologies by 10.3% in the third quarter. Parallel Advisors LLC now owns 5,264 shares of the company's stock valued at $272,000 after acquiring an additional 492 shares during the period. Versant Capital Management Inc boosted its holdings in Procore Technologies by 50.3% during the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company's stock worth $64,000 after buying an additional 529 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its holdings in Procore Technologies by 23.2% in the 1st quarter. Meeder Advisory Services Inc. now owns 3,756 shares of the company's stock worth $214,000 after purchasing an additional 708 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

More Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. Director share sale

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company's technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore's products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.

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