Procore Technologies (NYSE:PCOR) Chairman Sells $3,205,127.42 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $57.11, for a total value of $3,205,127.42. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at $52,524,295.44. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 4.1%

Shares of NYSE:PCOR opened at $59.65 on Friday. The business has a 50 day moving average price of $46.45 and a 200 day moving average price of $51.16. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a market cap of $9.06 billion, a price-to-earnings ratio of -229.40 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period in the previous year, the business posted $0.35 EPS. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. Analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Guggenheim began coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target on the stock. BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Friday, July 24th. UBS Group upped their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Piper Sandler reduced their target price on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $70.44.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently made changes to their positions in the business. SJS Investment Consulting Inc. boosted its position in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies in the third quarter worth about $34,000. V Square Quantitative Management LLC bought a new position in Procore Technologies during the fourth quarter worth about $41,000. Allworth Financial LP lifted its stake in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new stake in Procore Technologies during the fourth quarter valued at approximately $54,000. 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.