Craig Jr. Courtemanche Sells 56,122 Shares of Procore Technologies (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) Chairman Craig Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares of the company’s stock, valued at $40,375,005.60. The trade was a 5.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Stock Down 2.2%

PCOR stock traded down $0.96 during midday trading on Tuesday, hitting $43.07. The company’s stock had a trading volume of 1,709,367 shares, compared to its average volume of 3,126,878. The company’s fifty day moving average price is $45.42 and its 200 day moving average price is $54.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. Procore Technologies, Inc. has a twelve month low of $38.03 and a twelve month high of $82.32. The stock has a market capitalization of $6.50 billion, a P/E ratio of -84.45 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, equities research analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. Finally, TD Cowen dropped their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB lifted its position in Procore Technologies by 145.0% during the second quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company’s stock worth $2,169,000 after acquiring an additional 31,600 shares during the last quarter. First Bank & Trust increased its stake in shares of Procore Technologies by 62.1% during the second quarter. First Bank & Trust now owns 10,157 shares of the company’s stock worth $413,000 after purchasing an additional 3,893 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after purchasing an additional 2,146,182 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after purchasing an additional 529 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Procore Technologies in the 1st quarter valued at $563,000. 81.10% of the stock is owned by institutional investors.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.