Procore Technologies (NYSE:PCOR) Director Sells 7,692 Shares

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $54.98, for a total value of $422,906.16. Following the sale, the director directly owned 939,054 shares of the company’s stock, valued at approximately $51,629,188.92. This trade represents a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Performance

Shares of Procore Technologies stock traded down $0.40 during trading hours on Wednesday, hitting $55.51. The company’s stock had a trading volume of 3,375,401 shares, compared to its average volume of 3,734,232. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of -213.48 and a beta of 0.70. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The firm has a fifty day moving average of $45.36 and a 200-day moving average of $51.42.

Procore Technologies (NYSE:PCOR) last issued 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 firm had revenue of $375.21 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 EPS. On average, sell-side analysts expect that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on PCOR. TD Cowen dropped their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Jefferies Financial Group dropped their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. The Goldman Sachs Group cut their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Piper Sandler lowered their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Procore Technologies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after purchasing an additional 804,920 shares during the period. Wasatch Advisors LP grew its position in shares of Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after buying an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after buying an additional 2,146,182 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after buying an additional 137,171 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Procore Technologies by 3.9% in the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after acquiring an additional 127,256 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.