Procore Technologies (NYSE:PCOR) Insider Benjamin Singer Sells 2,713 Shares of Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin Singer sold 2,713 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $50.41, for a total transaction of $136,762.33. Following the completion of the transaction, the insider directly owned 68,885 shares in the company, valued at $3,472,492.85. This represents a 3.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Procore Technologies Price Performance

NYSE:PCOR opened at $50.84 on Wednesday. The stock has a 50 day moving average of $63.85 and a two-hundred day moving average of $69.11. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The firm has a market cap of $7.90 billion, a P/E ratio of -75.88 and a beta of 0.90. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative return on equity of 4.00% and a negative net margin of 7.62%.The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.01 earnings per share. On average, analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a report on Monday, February 9th. Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. KeyCorp lowered their price target on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Canaccord Genuity Group cut their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Finally, Piper Sandler decreased their target price on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. raised its stake in Procore Technologies by 9.7% during the fourth quarter. Invesco Ltd. now owns 132,034 shares of the company’s stock worth $9,604,000 after purchasing an additional 11,673 shares during the period. Corient Private Wealth LLC grew its stake in shares of Procore Technologies by 7.9% in the 4th quarter. Corient Private Wealth LLC now owns 5,302 shares of the company’s stock valued at $387,000 after buying an additional 389 shares during the period. Vident Advisory LLC increased its holdings in shares of Procore Technologies by 6.0% during the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock worth $281,000 after buying an additional 219 shares during the last quarter. XN LP increased its holdings in shares of Procore Technologies by 0.5% during the 4th quarter. XN LP now owns 2,323,031 shares of the company’s stock worth $168,977,000 after buying an additional 11,481 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Procore Technologies during the 4th quarter valued at approximately $4,779,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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. 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.