Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) Insider Sells 6,937 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin C. Singer sold 6,937 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $83.60, for a total transaction of $579,933.20. Following the completion of the sale, the insider now owns 72,110 shares in the company, valued at approximately $6,028,396. This trade represents a 8.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Procore Technologies Stock Performance

PCOR traded down $0.78 on Friday, hitting $82.28. The company had a trading volume of 1,628,367 shares, compared to its average volume of 1,377,505. The company’s fifty day moving average price is $78.09 and its 200 day moving average price is $69.37. Procore Technologies, Inc. has a 1-year low of $49.46 and a 1-year high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market cap of $12.23 billion, a price-to-earnings ratio of -114.27 and a beta of 0.84.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Equities analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PCOR has been the topic of several research analyst reports. Stifel Nicolaus lifted their target price on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Piper Sandler lifted their target price on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Scotiabank lifted their target price on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 22nd. BMO Capital Markets lifted their target price on Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, Jefferies Financial Group raised Procore Technologies from a “hold” rating to a “buy” rating and lifted their target price for the company from $80.00 to $100.00 in a research note on Monday, January 6th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.94.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PCOR. Principal Financial Group Inc. raised its stake in shares of Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares in the last quarter. Capital World Investors raised its stake in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after purchasing an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Procore Technologies in the fourth quarter valued at $131,840,000. Wasatch Advisors LP raised its stake in shares of Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after purchasing an additional 1,575,534 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Procore Technologies in the third quarter valued at $88,572,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

About Procore Technologies

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.