Procore Technologies (NYSE:PCOR) Director Sells $294,622.83 in Stock

Key Points

• Director sale: Connor Kevin O sold 5,769 shares on April 15 under a pre-arranged Rule 10b5-1 plan for a total of $294,622.83, reducing his stake by 0.58% to 990,983 shares (≈$50.6M).
• Quarterly results and stock move: Shares traded up about 3.2% to $55.38 after the company beat estimates (EPS $0.37 vs $0.35; revenue $349.11M vs $340.8M) with revenue up 15.6% year-over-year, but Procore remains unprofitable (net margin -7.62%) and faces a negative FY EPS forecast.
• Analyst view: The street leans positive with a "Moderate Buy" consensus (15 Buys, 4 Holds, 1 Sell) and an average target price of $75.82.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 5,769 shares of the company's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, the director directly owned 990,983 shares of the company's stock, valued at approximately $50,609,501.81. This trade represents a 0.58% decrease in their ownership of the stock. The transaction 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 Up 3.2%

NYSE PCOR traded up $1.73 during trading on Friday, reaching $55.38. 1,905,571 shares of the company's stock traded hands, compared to its average volume of 2,026,915. Procore Technologies, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market cap of $8.31 billion, a price-to-earnings ratio of -82.66 and a beta of 0.85. The company's 50 day simple moving average is $54.80 and its two-hundred day simple moving average is $65.69.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PCOR. Barclays decreased their price objective on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating for the company in a research note on Friday, February 13th. BTIG Research reiterated a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, March 11th. TD Cowen raised their price target 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. UBS Group cut their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a "buy" rating on the stock in a research report on Tuesday, February 3rd. Finally, Wall Street Zen raised shares of Procore Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, March 28th. Fifteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $75.82.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently added to or reduced their stakes in PCOR. Versant Capital Management Inc increased its holdings in shares of Procore Technologies by 23.6% during the third quarter. Versant Capital Management Inc now owns 938 shares of the company's stock valued at $68,000 after acquiring an additional 179 shares in the last quarter. Jones Financial Companies Lllp grew its position in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after purchasing an additional 199 shares during the last quarter. Intellectus Partners LLC increased its stake in Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company's stock valued at $912,000 after purchasing an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock valued at $1,068,000 after purchasing an additional 202 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after buying an additional 204 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

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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