Procore Technologies (NYSE:PCOR) Stock: Insider William Fred Fleming Jr Sells 16,852 Shares

Key Points

• Insider William Fred Fleming Jr. sold 16,852 Procore shares at an average price of $76.57, worth about $1.29 million. He retained 91,049 shares after the sale.
• Procore beat quarterly estimates, reporting EPS of $0.51 versus $0.46 expected and revenue of $402.31 million versus $384.38 million expected; revenue rose 18.7% year over year.
• Analyst sentiment was broadly positive: 18 analysts rated the stock Buy, and the consensus rating was “Moderate Buy,” with an average price target of $80.35.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) SVP William Fred Fleming, Jr. sold 16,852 shares of the company's stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $76.57, for a total value of $1,290,357.64. Following the sale, the senior vice president owned 91,049 shares of the company's stock, valued at approximately $6,971,621.93. This trade represents a 15.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Procore Technologies Stock Down 0.3%

Shares of NYSE PCOR traded down $0.24 during mid-day trading on Thursday, reaching $77.28. 1,668,532 shares of the company traded hands, compared to its average volume of 3,701,476. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.17 and a current ratio of 1.06. The stock has a market cap of $11.56 billion, a PE ratio of -336.00 and a beta of 0.75. The company's fifty day moving average is $58.74 and its two-hundred day moving average is $53.74. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $79.80.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.05. Procore Technologies had a positive return on equity of 2.67% and a negative net margin of 2.31%. The firm had revenue of $402.31 million during the quarter, compared to analyst estimates of $384.38 million. During the same period in the previous year, the company earned $0.42 EPS. The company's revenue for the quarter was up 18.7% on a year-over-year basis. On average, analysts expect that Procore Technologies, Inc. will post 0.42 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Procore Technologies in the second quarter valued at about $300,345,000. Assenagon Asset Management S.A. increased its stake in Procore Technologies by 0.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company's stock valued at $229,154,000 after acquiring an additional 32,494 shares during the period. Wellington Management Group LLP increased its stake in Procore Technologies by 8.2% during the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company's stock valued at $140,166,000 after acquiring an additional 260,314 shares during the period. Deutsche Bank AG acquired a new position in Procore Technologies in the 2nd quarter valued at approximately $114,444,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company's stock valued at $115,170,000 after acquiring an additional 1,240,247 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PCOR shares. Jefferies Financial Group cut their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, July 21st. Barclays lifted their price objective on Procore Technologies from $62.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, November 5th. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research report on Monday, October 26th. UBS Group increased their target price on Procore Technologies from $80.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, November 5th. Finally, Guggenheim raised their target price on Procore Technologies from $68.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, November 5th. Eighteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $80.35.

Procore Technologies Company Profile

Procore Technologies provides cloud-based construction management software designed to help construction companies plan, manage and execute projects. Its platform connects project teams and stakeholders, including owners, general contractors, specialty contractors and design professionals. Procore's products support project management, construction financials, workforce coordination, quality and safety processes, and project data and analytics. The platform also offers integrations with third-party applications to help customers connect construction workflows and business systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.