Procore Technologies (NYSE:PCOR) Insider Sells 3,943 Shares

Key Points

• Insider sale: Benjamin Singer sold 3,943 Procore shares at an average price of $63.35, generating approximately $249,789. The transaction, conducted under a Rule 10b5-1 plan, reduced his holdings by 4.34% to 86,931 shares.
• Quarterly performance: Procore reported quarterly EPS of $0.47, beating estimates by $0.05, while revenue of $375.21 million exceeded forecasts and rose 15.8% year over year.
• Analyst outlook remains positive: Procore has a consensus “Moderate Buy” rating and an average price target of $70.44, compared with a recent share price of $62.10. Institutional investors and hedge funds own 81.1% of the company.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) insider Benjamin Singer sold 3,943 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.35, for a total value of $249,789.05. Following the completion of the transaction, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of PCOR traded down $1.39 during trading hours on Monday, hitting $62.10. 4,730,935 shares of the stock were exchanged, compared to its average volume of 3,951,018. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32. The company has a market cap of $9.44 billion, a price-to-earnings ratio of -238.87 and a beta of 0.70. The stock's 50-day moving average price is $48.57 and its two-hundred day moving average price is $51.23.

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

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. SJS Investment Consulting Inc. raised its position in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies in the third quarter valued at approximately $34,000. Twin Tree Management LP purchased a new position in Procore Technologies in the second quarter worth approximately $40,000. Allworth Financial LP increased its stake in Procore Technologies by 48.2% during the fourth 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. Finally, Global Retirement Partners LLC acquired a new stake in Procore Technologies during the second quarter worth $52,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on PCOR. Citigroup reiterated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday, July 21st. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, July 21st. Guggenheim began coverage on Procore Technologies in a report on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target for the company. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective on the stock in a research report on Wednesday, April 29th. Finally, Barclays boosted their price objective on Procore Technologies from $50.00 to $60.00 and gave the stock 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 assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Procore Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $70.44.

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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