Key Points
- Procore Chairman Craig Jr. Courtemanche sold 56,122 shares on June 10 at an average price of $45.14, totaling about $2.53 million. The sale was made under a pre-arranged Rule 10b5-1 plan, and he still owns about 919,704 shares.
- Procore’s stock was under pressure, opening at $42.37, near its 52-week low of $40.74 and well below its 50-day and 200-day moving averages. The company has a market cap of $6.39 billion and a negative earnings profile.
- Recent results and analyst views were mixed: Procore beat revenue expectations with $359.28 million in quarterly revenue, but EPS missed estimates at $0.34. Wall Street currently rates the stock a Moderate Buy with an average target price of $72.56.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the sale, the chairman owned 919,704 shares of the company's stock, valued at approximately $41,515,438.56. The trade was a 5.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Price Performance
Shares of NYSE:PCOR opened at $42.37 on Friday. The business has a 50 day moving average price of $50.99 and a 200 day moving average price of $59.46. Procore Technologies, Inc. has a twelve month low of $40.74 and a twelve month high of $82.32. The company has a market cap of $6.39 billion, a price-to-earnings ratio of -83.07 and a beta of 0.73. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.
Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the previous year, the company earned $0.23 EPS. Procore Technologies's revenue for the quarter was up 15.7% compared to the same quarter last year. Research analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.
Hedge Funds Weigh In On Procore Technologies
A number of hedge funds have recently modified their holdings of PCOR. SJS Investment Consulting Inc. raised its holdings in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after buying an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies in the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp raised its holdings in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after buying an additional 199 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies in the 4th quarter worth approximately $41,000. Finally, Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after buying an additional 204 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts recently weighed in on the company. Wall Street Zen downgraded Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Stifel Nicolaus reduced their price objective on Procore Technologies from $85.00 to $63.00 and set a "buy" rating for the company in a research report on Friday, February 13th. Zacks Research upgraded Procore Technologies from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. Barclays reduced their price objective on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating for the company in a research report on Friday, February 13th. Finally, Piper Sandler reduced their price objective on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and an average target price of $72.56.
Check Out Our Latest Stock Analysis on PCOR
About Procore Technologies
(
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. 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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
