Insider Selling: Procore Technologies (NYSE:PCOR) Director Sells $523,825.20 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin O sold 9,615 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the sale, the director owned 1,012,136 shares in the company, valued at approximately $55,141,169.28. This trade represents a 0.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Procore Technologies Stock Performance

NYSE PCOR opened at $55.03 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $82.32. The business has a fifty day moving average of $62.68 and a 200-day moving average of $68.92. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of -82.13 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter last year, the business posted $0.01 EPS. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently added to or reduced their stakes in PCOR. Principal Financial Group Inc. lifted its position in Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after buying an additional 360,207 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Procore Technologies in the 3rd quarter valued at $1,442,000. Envestnet Asset Management Inc. lifted its holdings in shares of Procore Technologies by 31.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after acquiring an additional 99,706 shares in the last quarter. Federated Hermes Inc. boosted its position in Procore Technologies by 17.0% during the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock worth $20,815,000 after purchasing an additional 44,105 shares during the period. Finally, Stephens Investment Management Group LLC increased its holdings in Procore Technologies by 19.6% in the 3rd quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock valued at $26,627,000 after purchasing an additional 59,923 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PCOR. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Barclays cut their price target on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. BTIG Research decreased their price objective on Procore Technologies from $88.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, February 13th. KeyCorp lowered their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Finally, UBS Group reduced their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Seventeen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

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. 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.