Insider Selling: Procore Technologies (NYSE:PCOR) Director Sells $494,672.52 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 7,692 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $64.31, for a total value of $494,672.52. Following the completion of the transaction, the director directly owned 1,035,212 shares in the company, valued at approximately $66,574,483.72. This represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Procore Technologies Stock Performance

NYSE:PCOR opened at $65.67 on Monday. The stock has a 50-day simple moving average of $72.91 and a two-hundred day simple moving average of $71.76. Procore Technologies, Inc. has a 52-week low of $53.71 and a 52-week high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market capitalization of $10.21 billion, a PE ratio of -78.18 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.32 by $0.10. The firm had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. Analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Hedge Funds Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in PCOR. Vanguard Group Inc. raised its position in Procore Technologies by 6.2% in the 3rd quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock worth $900,823,000 after purchasing an additional 718,663 shares during the period. Alliancebernstein L.P. grew its stake in shares of Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after buying an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP grew its stake 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 valued at $362,560,000 after buying an additional 315,604 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after buying an additional 1,750,998 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PCOR has been the topic of several recent analyst reports. Canaccord Genuity Group raised their price objective on shares of Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Piper Sandler upped their price target on Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. BMO Capital Markets boosted their target price on shares of Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. William Blair restated an “outperform” rating on shares of Procore Technologies in a research report on Friday, October 17th. Finally, Wall Street Zen raised Procore Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $85.11.

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. 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.