Insider Selling: Procore Technologies (NYSE:PCOR) Chairman Sells 300,000 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 300,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total transaction of $21,573,000.00. Following the completion of the sale, the chairman directly owned 677,796 shares of the company’s stock, valued at approximately $48,740,310.36. This trade represents a 30.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Procore Technologies Stock Performance

PCOR traded up $1.58 during mid-day trading on Friday, reaching $71.07. 1,831,651 shares of the company traded hands, compared to its average volume of 1,557,038. The company’s fifty day moving average price is $73.22 and its 200-day moving average price is $70.18. The stock has a market capitalization of $11.05 billion, a P/E ratio of -84.61 and a beta of 0.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 52-week low of $53.71 and a 52-week high of $88.92.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The firm had revenue of $172.21 million during the quarter. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. US Bancorp DE lifted its stake in shares of Procore Technologies by 5.5% during the 2nd quarter. US Bancorp DE now owns 21,638 shares of the company’s stock valued at $1,480,000 after buying an additional 1,131 shares in the last quarter. Fred Alger Management LLC raised its holdings in Procore Technologies by 15.4% during the first quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock valued at $2,532,000 after acquiring an additional 5,129 shares during the period. Intellectus Partners LLC lifted its position in shares of Procore Technologies by 135.3% in the second quarter. Intellectus Partners LLC now owns 12,305 shares of the company’s stock valued at $842,000 after acquiring an additional 7,075 shares in the last quarter. GC Wealth Management RIA LLC purchased a new position in shares of Procore Technologies in the second quarter valued at about $513,000. Finally, Brighton Jones LLC bought a new position in shares of Procore Technologies in the fourth quarter worth about $511,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PCOR shares. Citizens Jmp downgraded Procore Technologies from an “outperform” rating to a “market perform” rating in a research note on Friday, August 1st. Mizuho raised their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a research report on Wednesday, October 8th. DA Davidson raised shares of Procore Technologies to a “hold” rating in a report on Friday, November 7th. Finally, JMP Securities reiterated a “market perform” rating and set a $95.00 price target on shares of Procore Technologies in a research note on Friday, August 1st. Fifteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $84.26.

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.