Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) Director Sells $555,054.72 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $72.16, for a total transaction of $555,054.72. Following the completion of the transaction, the director now directly owns 1,192,900 shares of the company’s stock, valued at $86,079,664. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $71.08 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a fifty day moving average price of $64.88 and a 200 day moving average price of $72.73. Procore Technologies, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The firm has a market cap of $10.60 billion, a price-to-earnings ratio of -98.72 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The firm had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. Procore Technologies’s revenue for the quarter was up 15.3% on a year-over-year basis. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the business. Fred Alger Management LLC lifted its position in Procore Technologies by 15.4% during the first quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock valued at $2,532,000 after purchasing an additional 5,129 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after purchasing an additional 36,426 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Procore Technologies by 1,094,430.0% during the first quarter. Jones Financial Companies Lllp now owns 109,453 shares of the company’s stock valued at $7,226,000 after purchasing an additional 109,443 shares during the last quarter. Route One Investment Company L.P. lifted its position in Procore Technologies by 64.8% during the first quarter. Route One Investment Company L.P. now owns 918,205 shares of the company’s stock valued at $60,620,000 after purchasing an additional 361,155 shares during the last quarter. Finally, Newlands Management Operations LLC lifted its position in Procore Technologies by 38.1% during the first quarter. Newlands Management Operations LLC now owns 19,045 shares of the company’s stock valued at $1,257,000 after purchasing an additional 5,257 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PCOR shares. Piper Sandler decreased their price objective on shares of Procore Technologies from $110.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Macquarie decreased their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. decreased their price objective on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Mizuho dropped their price target on shares of Procore Technologies from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Finally, Stifel Nicolaus dropped their price target on shares of Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.24.

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.