Key Points
- Procore Technologies director Connor Kevin O sold 5,769 shares on July 1 at an average price of $41.93, totaling about $241,894. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, the director still owned 967,901 shares, and the sale reduced his ownership by only 0.59%.
- Procore’s stock was up 4.4% in Friday trading, while analysts remain broadly positive with an average rating of Moderate Buy and a consensus price target of $71.33.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 5,769 shares of the company's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the sale, the director directly owned 967,901 shares in the company, valued at $40,584,088.93. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Stock Up 4.4%
Shares of Procore Technologies stock opened at $43.99 on Friday. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of -86.26 and a beta of 0.75. The company has a 50-day moving average of $47.27 and a 200 day moving average of $55.91. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12.
Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same period in the previous year, the firm earned $0.23 EPS. The company's revenue was up 15.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Procore Technologies
Several institutional investors and hedge funds have recently made changes to their positions in PCOR. SJS Investment Consulting Inc. raised its holdings in 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 acquiring an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies during the 3rd quarter valued at $34,000. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the 4th quarter worth $41,000. Allworth Financial LP increased 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 purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas purchased a new position in shares of Procore Technologies in the fourth quarter worth $54,000. Institutional investors own 81.10% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on PCOR. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. BTIG Research reaffirmed a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. The Goldman Sachs Group lowered their price objective on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Piper Sandler lowered their price objective on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Finally, Zacks Research raised Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Fourteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $71.33.
View Our Latest Report on PCOR
Procore Technologies Company Profile
(
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.
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