Procore Technologies, Inc. (NYSE:PCOR) Director Sells $521,030.44 in Stock

Procore Technologies, Inc. (NYSE:PCOR) Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total transaction of $521,030.44. Following the transaction, the director now directly owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Procore Technologies Stock Performance

PCOR opened at $59.49 on Friday. The firm’s fifty day simple moving average is $60.47 and its two-hundred day simple moving average is $67.44. Procore Technologies, Inc. has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a market cap of $8.79 billion, a price-to-earnings ratio of -61.97 and a beta of 0.73. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. During the same period last year, the company posted ($0.28) EPS. Procore Technologies’s quarterly revenue was up 24.4% compared to the same quarter last year. Equities analysts anticipate that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on PCOR. DA Davidson cut shares of Procore Technologies from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $90.00 to $60.00 in a report on Friday, August 2nd. Scotiabank decreased their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Mizuho reaffirmed a “neutral” rating and set a $70.00 target price (down from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. JMP Securities reduced their price target on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research report on Friday, August 2nd. Finally, KeyCorp lowered their price objective on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.27.

Institutional Trading of Procore Technologies

A number of institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Procore Technologies in the 4th quarter valued at $68,005,000. Artisan Partners Limited Partnership raised its position in shares of Procore Technologies by 81.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock valued at $45,200,000 after buying an additional 293,613 shares during the last quarter. Orion Portfolio Solutions LLC lifted its stake in shares of Procore Technologies by 29.2% in the first quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock worth $6,232,000 after buying an additional 17,119 shares in the last quarter. M&G Plc acquired a new position in Procore Technologies during the first quarter worth about $8,798,000. Finally, Eventide Asset Management LLC purchased a new stake in Procore Technologies during the 4th quarter valued at about $3,302,000. 81.10% of the stock is 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.