Procore Technologies (NYSE:PCOR) Stock: Insider Elisa Steele Sells 3,337 Shares

Key Points

• Director Elisa Steele sold 3,337 shares for about $230,587 at an average price of $69.10 under a pre-arranged Rule 10b5-1 plan; she retained 55,034 shares.
• Procore beat quarterly expectations, reporting EPS of $0.51 and revenue of $402.3 million, up 18.7% year over year.
• Analyst sentiment was broadly positive after the results: Loop Capital upgraded Procore to Buy, and Citizens JMP raised its price target to $91; the stock’s average analyst rating was Moderate Buy.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Elisa Steele sold 3,337 shares of Procore Technologies stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $69.10, for a total value of $230,586.70. Following the completion of the transaction, the director owned 55,034 shares of the company's stock, valued at approximately $3,802,849.40. This represents a 5.72% decrease in their position. The sale was disclosed in a filing 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.

Elisa Steele also recently made the following trade(s):

• On Wednesday, August 19th, Elisa Steele sold 1,500 shares of Procore Technologies stock. The stock was sold at an average price of $63.00, for a total value of $94,500.00.

Procore Technologies Price Performance

PCOR stock traded down $0.28 during mid-day trading on Friday, reaching $75.33. 4,049,430 shares of the company's stock were exchanged, compared to its average volume of 3,008,882. The company has a market cap of $11.45 billion, a price-to-earnings 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, Inc. has a 12-month low of $38.03 and a 12-month high of $80.40.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.46 by $0.05. The company had revenue of $402.31 million for the quarter, compared to analyst estimates of $384.38 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. Procore Technologies's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. On average, research analysts forecast that Procore Technologies, Inc. will post 0.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in the stock. Twin Tree Management LP purchased a new position in Procore Technologies in the second quarter worth approximately $40,000. Allworth Financial LP grew its position in shares of Procore Technologies by 128.3% during the third quarter. Allworth Financial LP now owns 799 shares of the company's stock worth $41,000 after acquiring an additional 449 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Procore Technologies during the second quarter worth about $52,000. Versant Capital Management Inc increased its holdings in shares of Procore Technologies by 50.3% in the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company's stock valued at $64,000 after purchasing an additional 529 shares during the period. Finally, Canton Hathaway LLC purchased a new position in Procore Technologies in the 3rd quarter valued at $69,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Key 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

Analyst Upgrades and Downgrades

Several research firms have commented on PCOR. Griffin Securities assumed coverage on Procore Technologies in a research note on Wednesday, October 28th. They set a "buy" rating and a $82.00 price objective for the company. Jefferies Financial Group lowered their price target on Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, July 21st. Loop Capital upgraded Procore Technologies from a "hold" rating to a "buy" rating and set a $93.00 price target for the company in a research report on Thursday. Citizens Jmp increased their price objective on Procore Technologies from $77.00 to $91.00 and gave the company a "market outperform" rating in a research note on Thursday. Finally, Weiss Ratings upgraded Procore Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, October 23rd. Eighteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and an average target price of $80.35.

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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