Procore Technologies (NYSE:PCOR) Stock: Insider Connor Kevin O Sells 7,692 Shares

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $53.50, for a total value of $411,522.00. Following the completion of the transaction, the director owned 915,978 shares of the company’s stock, valued at $49,004,823. The trade was a 0.83% decrease in their ownership of the stock. The sale 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 Up 0.8%

NYSE:PCOR traded up $0.42 on Wednesday, reaching $54.81. The company’s stock had a trading volume of 2,990,804 shares, compared to its average volume of 2,771,783. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32. The firm has a market cap of $8.33 billion, a price-to-earnings ratio of -210.82 and a beta of 0.78. The stock has a 50 day moving average price of $56.25 and a 200 day moving average price of $51.34.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company’s revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS. Equities research analysts expect that Procore Technologies, Inc. will post 0.41 EPS for the current fiscal year.

Analysts Set New Price Targets

PCOR has been the subject of several research analyst reports. Jefferies Financial Group lowered their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. BTIG Research restated a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a report on Friday, July 24th. BMO Capital Markets increased their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Piper Sandler started coverage on shares of Procore Technologies in a report on Monday, September 28th. They issued an “overweight” rating and a $68.00 target price for the company. Finally, UBS Group boosted their target price on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One equities 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.31.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Procore Technologies during the 2nd quarter worth approximately $300,345,000. Capital World Investors increased its position in shares of Procore Technologies by 18.2% during the fourth quarter. Capital World Investors now owns 3,115,612 shares of the company’s stock worth $226,630,000 after acquiring an additional 480,513 shares during the period. Assenagon Asset Management S.A. increased 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 acquiring an additional 2,146,182 shares during the period. Wellington Management Group LLP raised its stake in shares of Procore Technologies by 8.2% in the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock valued at $140,166,000 after acquiring an additional 260,314 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Procore Technologies by 158.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock valued at $115,170,000 after acquiring an additional 1,240,247 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.