Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) Director Sells 5,128 Shares of Stock

by · The Markets Daily

Procore Technologies, Inc. (NYSE:PCOR – Get Free Report) Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the completion of the sale, the director now directly owns 1,360,848 shares of the company’s stock, valued at approximately $79,582,391.04. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Procore Technologies Stock Down 0.9 %

Shares of PCOR opened at $59.49 on Friday. The company has a market capitalization of $8.79 billion, a PE ratio of -61.97 and a beta of 0.73. Procore Technologies, Inc. has a 12-month low of $48.11 and a 12-month high of $83.35. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $60.47 and its 200 day moving average is $67.44.

Procore Technologies (NYSE:PCOR – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. The company had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. Procore Technologies’s revenue was up 24.4% on a year-over-year basis. During the same period last year, the company earned ($0.28) earnings per share. Research analysts expect that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Piper Sandler reduced their target price on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. KeyCorp reduced their price objective on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Mizuho restated a “neutral” rating and set a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. BMO Capital Markets decreased their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays downgraded Procore Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $78.00 to $54.00 in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.27.

Read Our Latest Report on Procore Technologies

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in Procore Technologies during the 4th quarter valued at about $68,005,000. Artisan Partners Limited Partnership grew its holdings in shares of Procore Technologies by 81.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock valued at $45,200,000 after buying an additional 293,613 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in shares of Procore Technologies by 29.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock valued at $6,232,000 after acquiring an additional 17,119 shares during the period. M&G Plc purchased a new position in Procore Technologies in the 1st quarter worth $8,798,000. Finally, Eventide Asset Management LLC acquired a new stake in Procore Technologies during the 4th quarter worth about $3,302,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Company Profile

(Get Free Report)

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.

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