Procore Technologies (NYSE:PCOR) Trading Down 5.8% After Insider Selling

Key Points

• Procore Technologies shares fell 5.8% to about $57.05 after director Kevin O’Connor sold 7,692 shares worth approximately $477,000 under a pre-arranged Rule 10b5-1 plan. Trading volume was roughly 93% below the average.
• Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $70.44, despite Goldman Sachs lowering its target to $70.
• Procore’s latest quarterly results exceeded expectations, reporting adjusted EPS of $0.47 versus $0.42 expected and revenue of $375.21 million, up 15.8% year over year. Institutional investors own approximately 81.1% of the company.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) shares fell 5.8% during mid-day trading on Friday following insider selling activity. The company traded as low as $56.53 and last traded at $57.0510. Approximately 184,922 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 2,794,993 shares. The stock had previously closed at $60.59.

Specifically, Director Kevin O'Connor sold 7,692 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total value of $477,134.76. Following the transaction, the director owned 931,362 shares in the company, valued at approximately $57,772,384.86. This represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PCOR. The Goldman Sachs Group decreased their target price on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. BMO Capital Markets raised their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. UBS Group upped their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a report on Friday, July 31st. Finally, Barclays increased their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and an average price target of $70.44.

Procore Technologies Stock Performance

The business has a 50-day simple moving average of $52.08 and a two-hundred day simple moving average of $51.82. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of -218.33 and a beta of 0.74.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data 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 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%. Procore Technologies's revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 EPS. Research analysts predict that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PCOR. Argos Wealth Advisors LLC increased its holdings in Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock valued at $294,000 after buying an additional 195 shares in the last quarter. Intellectus Partners LLC raised its stake in Procore Technologies by 1.6% in the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company's stock valued at $924,000 after purchasing an additional 200 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares during the period. Vident Advisory LLC lifted its stake in shares of Procore Technologies by 6.0% during the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company's stock worth $281,000 after purchasing an additional 219 shares during the period. Finally, George Kaiser Family Foundation lifted its position in Procore Technologies by 0.5% during the fourth quarter. George Kaiser Family Foundation now owns 52,306 shares of the company's stock worth $3,805,000 after buying an additional 241 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

About Procore Technologies

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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