Craig F. Jr. Courtemanche Sells 68,000 Shares of Procore Technologies, Inc. (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction on Monday, July 1st. The stock was sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the sale, the chief executive officer now directly owns 527,349 shares in the company, valued at approximately $34,588,820.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Procore Technologies Trading Up 1.1 %

Shares of NYSE PCOR traded up $0.72 during mid-day trading on Wednesday, hitting $68.70. The company’s stock had a trading volume of 1,020,832 shares, compared to its average volume of 1,322,178. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of -71.56 and a beta of 0.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. Procore Technologies, Inc. has a one year low of $48.11 and a one year high of $83.35. The company’s fifty day simple moving average is $67.21 and its 200-day simple moving average is $71.46.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. The business had revenue of $269.43 million for the quarter, compared to the consensus estimate of $263.13 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. On average, sell-side analysts anticipate that Procore Technologies, Inc. will post -0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Cerity Partners LLC raised its holdings in Procore Technologies by 4,290.2% in the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after acquiring an additional 1,303,804 shares during the period. Meritage Group LP acquired a new stake in shares of Procore Technologies during the 1st quarter worth approximately $106,738,000. William Blair Investment Management LLC acquired a new stake in shares of Procore Technologies during the 1st quarter worth approximately $91,158,000. Vanguard Group Inc. boosted its position in shares of Procore Technologies by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after acquiring an additional 995,757 shares in the last quarter. Finally, Norges Bank acquired a new stake in Procore Technologies in the fourth quarter valued at approximately $68,005,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PCOR has been the subject of several research analyst reports. BMO Capital Markets reissued an “outperform” rating and issued a $85.00 target price on shares of Procore Technologies in a research report on Tuesday, June 11th. Mizuho reaffirmed a “neutral” rating and issued a $70.00 price target (down from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. JPMorgan Chase & Co. boosted their target price on shares of Procore Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday. DA Davidson reissued a “buy” rating and set a $95.00 target price on shares of Procore Technologies in a research note on Thursday, March 14th. Finally, Canaccord Genuity Group reduced their price target on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $81.19.

Procore Technologies Company Profile

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.