William Fred Fleming, Jr. Sells 10,000 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR – Get Free Report) SVP William Fred Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the sale, the senior vice president owned 104,981 shares of the company’s stock, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Procore Technologies Stock Performance

Procore Technologies stock opened at $59.65 on Friday. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of -229.40 and a beta of 0.70. The company has a 50 day moving average price of $46.45 and a 200 day moving average price of $51.16.

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Procore Technologies (NYSE:PCOR – Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company’s revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. Equities analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on PCOR shares. UBS Group raised their price objective on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Guggenheim started coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target for the company. Jefferies Financial Group decreased their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. One 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $70.44.

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Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PCOR. ICONIQ Capital LLC acquired a new stake in shares of Procore Technologies during the 2nd quarter valued at about $593,946,000. Vanguard Group Inc. grew its stake in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares in the last quarter. BlackRock Inc. acquired a new position in Procore Technologies in the second quarter worth approximately $300,345,000. Wasatch Advisors LP increased its holdings in Procore Technologies by 6.8% in the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after buying an additional 315,604 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in 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 valued at $178,653,000 after acquiring an additional 2,146,182 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

About Procore Technologies

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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.

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