Insider Selling: Procore Technologies, Inc. (NYSE:PCOR) CFO Sells $79,730.00 in Stock

Procore Technologies, Inc. (NYSE:PCOR) CFO Howard Fu sold 1,190 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.00, for a total transaction of $79,730.00. Following the completion of the transaction, the chief financial officer now owns 146,160 shares in the company, valued at approximately $9,792,720. This trade represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Howard Fu also recently made the following trade(s):

• On Monday, March 3rd, Howard Fu sold 2,642 shares of Procore Technologies stock. The stock was sold at an average price of $77.05, for a total transaction of $203,566.10.
• On Wednesday, February 19th, Howard Fu sold 8,000 shares of Procore Technologies stock. The stock was sold at an average price of $87.00, for a total transaction of $696,000.00.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $68.28 on Monday. The stock has a fifty day moving average of $77.06 and a 200 day moving average of $71.23. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The firm has a market capitalization of $10.24 billion, a price-to-earnings ratio of -94.83 and a beta of 0.85. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. As a group, research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

PCOR has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Piper Sandler increased their price target on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Scotiabank increased their price target on shares of Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Macquarie reduced their price target on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, BMO Capital Markets increased their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.24.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Principal Financial Group Inc. lifted its position in Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares during the period. Capital World Investors lifted its position in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after buying an additional 2,555,612 shares during the period. Wellington Management Group LLP purchased a new position in Procore Technologies during the fourth quarter valued at $131,840,000. Wasatch Advisors LP lifted its position in Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after buying an additional 1,575,534 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after buying an additional 1,425,967 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.