Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) CFO Sells 814 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) CFO Howard Fu sold 814 shares of the firm’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $74.35, for a total value of $60,520.90. Following the transaction, the chief financial officer owned 197,457 shares in the company, valued at approximately $14,680,927.95. This represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Howard Fu also recently made the following trade(s):

• On Friday, June 20th, Howard Fu sold 796 shares of Procore Technologies stock. The shares were sold at an average price of $66.88, for a total value of $53,236.48.
• On Wednesday, May 21st, Howard Fu sold 797 shares of Procore Technologies stock. The shares were sold at an average price of $68.99, for a total value of $54,985.03.

Procore Technologies Trading Up 1.7%

Procore Technologies stock opened at $75.60 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The company has a market capitalization of $11.28 billion, a price-to-earnings ratio of -87.91 and a beta of 0.89. The stock has a 50-day moving average price of $69.26 and a 200 day moving average price of $70.37.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The company had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. During the same period in the previous year, the company posted $0.30 earnings per share. Procore Technologies’s revenue for the quarter was up 15.3% on a year-over-year basis. Sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. DA Davidson upgraded Procore Technologies to a “hold” rating in a research note on Tuesday. Arete assumed coverage on Procore Technologies in a research note on Monday, June 16th. They issued a “buy” rating and a $91.00 target price on the stock. Barclays lifted their target price on Procore Technologies from $72.00 to $82.00 and gave the company an “equal weight” rating in a research note on Monday, July 14th. Mizuho cut their target price on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. cut their target price on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $81.39.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. increased its position in shares of Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Huntington National Bank increased its position in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after purchasing an additional 404 shares in the last quarter. SVB Wealth LLC acquired a new position in Procore Technologies during the first quarter worth $49,000. Hilltop National Bank acquired a new position in Procore Technologies during the second quarter worth $62,000. Finally, Aster Capital Management DIFC Ltd boosted its stake in Procore Technologies by 181.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company’s stock worth $63,000 after buying an additional 544 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.