Procore Technologies (NASDAQ:PCOR) Sets New 1-Year Low After Insider Selling

Procore Technologies, Inc. (NASDAQ:PCOR)’s share price reached a new 52-week low during mid-day trading on Tuesday following insider selling activity. The company traded as low as $78.88 and last traded at $80.07, with a volume of 28186 shares traded. The stock had previously closed at $83.20.

Specifically, major shareholder Bessemer Venture Partners Viii sold 1,610,000 shares of the stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $93.30, for a total value of $150,213,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Sam Crigman sold 7,573 shares of the firm’s stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $88.01, for a total value of $666,499.73. The disclosure for this sale can be found here. Insiders sold a total of 1,677,913 shares of company stock worth $156,386,591 over the last 90 days.

A number of research firms have commented on PCOR. Oppenheimer lifted their target price on Procore Technologies from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, November 5th. Barclays lifted their target price on Procore Technologies from $111.00 to $113.00 and gave the company an “overweight” rating in a research report on Friday, November 5th. Zacks Investment Research upgraded Procore Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, October 7th. William Blair restated a “buy” rating on shares of Procore Technologies in a research report on Thursday, September 23rd. Finally, KeyCorp boosted their price objective on Procore Technologies from $115.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 5th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Procore Technologies presently has a consensus rating of “Buy” and a consensus target price of $108.57.

The firm’s 50 day moving average is $91.89. The company has a quick ratio of 4.05, a current ratio of 3.74 and a debt-to-equity ratio of 0.04.

Procore Technologies (NASDAQ:PCOR) last released its earnings results on Thursday, November 4th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $131.99 million for the quarter, compared to analysts’ expectations of $126.36 million. Procore Technologies had a negative return on equity of 51.13% and a negative net margin of 50.62%. The business’s quarterly revenue was up 29.5% on a year-over-year basis. As a group, equities analysts predict that Procore Technologies, Inc. will post -1.92 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada purchased a new stake in Procore Technologies during the second quarter worth $36,000. Citigroup Inc. purchased a new stake in Procore Technologies during the second quarter worth $42,000. Pinz Capital Management LP purchased a new stake in Procore Technologies during the second quarter worth $43,000. Metropolitan Life Insurance Co NY purchased a new stake in Procore Technologies during the third quarter worth $44,000. Finally, First Bank & Trust purchased a new stake in Procore Technologies during the third quarter worth $48,000. Hedge funds and other institutional investors own 78.16% of the company’s stock.

About Procore Technologies (NASDAQ:PCOR)

Procore Technologies, Inc provides a cloud-based construction management platform and related software products. The company enables stakeholders in the construction industry, such as owners, general contractors, specialty contractors, architects, and engineers, to collaborate on construction projects.

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