Procore Technologies (NYSE:PCOR) Chairman Sells $2,673,652.08 in Stock

Key Points

• Chairman Craig Jr. Courtemanche sold 56,122 shares for $2,673,652.08 at an average price of $47.64 on April 10 under a pre-arranged Rule 10b5-1 plan, reducing his stake by 5.71% to 927,580 shares (≈$44.19M).
• Procore beat quarterly expectations with $0.37 EPS and $349.1M revenue (+15.6% YoY) but still shows a negative net margin and ROE; the stock trades around $49.58 (down ~1.6%) and carries a consensus "Moderate Buy" with a $75.82 average price target.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the sale, the chairman directly owned 927,580 shares in the company, valued at approximately $44,189,911.20. The trade was a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Down 1.6%

NYSE PCOR traded down $0.81 on Tuesday, hitting $49.58. 2,343,407 shares of the stock were exchanged, compared to its average volume of 1,923,189. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The company has a market cap of $7.44 billion, a PE ratio of -74.00 and a beta of 0.85. The company has a 50-day moving average price of $54.69 and a 200-day moving average price of $66.01.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company had revenue of $349.11 million during the quarter, compared to analysts' expectations of $340.80 million. During the same quarter in the previous year, the business posted $0.01 EPS. The firm's revenue was up 15.6% on a year-over-year basis. Sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Institutional Trading of Procore Technologies

A number of large investors have recently bought and sold shares of PCOR. Versant Capital Management Inc lifted its stake in shares of Procore Technologies by 23.6% in the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company's stock worth $68,000 after acquiring an additional 179 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after acquiring an additional 199 shares during the period. Intellectus Partners LLC lifted its stake in shares of Procore Technologies by 1.6% in the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company's stock worth $912,000 after acquiring an additional 200 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of Procore Technologies by 1.4% in the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock worth $1,068,000 after acquiring an additional 202 shares during the period. Finally, Allworth Financial LP lifted its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after acquiring an additional 204 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Analysts Set New Price Targets

PCOR has been the subject of several research analyst reports. KeyCorp lowered their target price on shares of Procore Technologies from $91.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, February 6th. TD Cowen upped their target price on shares of Procore Technologies from $80.00 to $85.00 and gave the company a "buy" rating in a report on Friday, February 13th. Canaccord Genuity Group lowered their target price on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. Piper Sandler lowered their target price on shares of Procore Technologies from $91.00 to $79.00 and set an "overweight" rating for the company in a report on Friday, February 13th. Finally, Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating for the company in a research note on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.82.

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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