Key Points
- Procore Technologies Chairman Craig Jr. Courtemanche sold 56,122 shares on July 10 at an average price of $43.90, totaling about $2.46 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Courtemanche still owned 919,704 shares of Procore, valued at roughly $40.4 million, representing a 5.75% reduction in his position.
- Procore recently reported quarterly revenue growth of 15.7% year over year but missed EPS expectations, and analysts currently rate the stock a Moderate Buy with a consensus price target of $70.33.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the business's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares of the company's stock, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Stock Performance
NYSE PCOR opened at $43.07 on Wednesday. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market capitalization of $6.50 billion, a PE ratio of -84.45 and a beta of 0.75. The company's 50 day simple moving average is $45.42 and its two-hundred day simple moving average is $54.22.
Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to analysts' expectations of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm's revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.23 earnings per share. Analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Procore Technologies
Hedge funds have recently added to or reduced their stakes in the company. Blue Owl Capital Holdings LP bought a new position in Procore Technologies during the 4th quarter worth approximately $6,857,000. Robinhood Asset Management LLC bought a new stake in Procore Technologies in the fourth quarter valued at approximately $7,136,000. PNC Financial Services Group Inc. boosted its stake in shares of Procore Technologies by 105.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company's stock valued at $3,332,000 after purchasing an additional 23,555 shares during the period. Stephens Investment Management Group LLC boosted its stake in shares of Procore Technologies by 20.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company's stock valued at $32,048,000 after purchasing an additional 75,436 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Procore Technologies by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 2,211,144 shares of the company's stock valued at $160,872,000 after purchasing an additional 91,204 shares during the period. Institutional investors own 81.10% of the company's stock.
Analysts Set New Price Targets
Several research firms have weighed in on PCOR. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a report on Wednesday, April 29th. UBS Group cut their price objective on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Finally, TD Cowen dropped their target price on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, April 21st. Fourteen equities 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's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.33.
View Our Latest Analysis on Procore Technologies
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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