Procore Technologies (NYSE:PCOR) Chairman Sells $21,573,000.00 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 300,000 shares of the company’s stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total value of $21,573,000.00. Following the completion of the sale, the chairman directly owned 677,796 shares in the company, valued at approximately $48,740,310.36. The trade was a 30.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Procore Technologies Stock Up 2.3%

Procore Technologies stock traded up $1.58 on Friday, hitting $71.07. 1,831,651 shares of the stock traded hands, compared to its average volume of 1,557,038. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The firm has a market cap of $11.05 billion, a P/E ratio of -84.61 and a beta of 0.90. The business’s fifty day simple moving average is $73.22 and its 200 day simple moving average is $70.18. Procore Technologies, Inc. has a 1 year low of $53.71 and a 1 year high of $88.92.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share for the quarter. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The business had revenue of $172.21 million during the quarter. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

PCOR has been the subject of a number of analyst reports. Robert W. Baird raised their target price on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. William Blair restated an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Stifel Nicolaus raised their price objective on Procore Technologies from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Berenberg Bank started coverage on Procore Technologies in a report on Friday, October 3rd. They issued a “buy” rating and a $84.00 target price on the stock. Finally, Mizuho increased their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Fifteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $84.26.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. increased its holdings in shares of Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Procore Technologies by 76.6% during the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after buying an additional 1,750,998 shares during the last quarter. Wasatch Advisors LP increased its holdings in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after buying an additional 1,717,492 shares in the last quarter. JPMorgan Chase & Co. raised its position in Procore Technologies by 84.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company’s stock worth $215,195,000 after buying an additional 1,492,869 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after buying an additional 1,486,153 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

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.