Procore Technologies, Inc. (NYSE:PCOR) CEO Sells $1,577,632.11 in Stock

Procore Technologies, Inc. (NYSE:PCOR) CEO Craig F. Jr. Courtemanche sold 22,483 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total value of $1,577,632.11. Following the sale, the chief executive officer now owns 866,718 shares of the company’s stock, valued at approximately $60,817,602.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Procore Technologies Price Performance

Procore Technologies stock opened at $68.75 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. The company has a market capitalization of $10.06 billion, a PE ratio of -71.61 and a beta of 0.78. Procore Technologies, Inc. has a one year low of $48.11 and a one year high of $83.35. The business has a 50 day simple moving average of $73.51 and a 200 day simple moving average of $70.01.

Procore Technologies (NYSE:PCOR) last released 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. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The firm had revenue of $269.43 million during the quarter, compared to analysts’ expectations of $263.13 million. On average, sell-side analysts forecast that Procore Technologies, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Procore Technologies by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after buying an additional 94,190 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Procore Technologies by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock valued at $309,926,000 after buying an additional 114,649 shares during the period. Cadian Capital Management LP increased its stake in shares of Procore Technologies by 22.9% in the 4th quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock valued at $257,384,000 after buying an additional 692,218 shares during the period. Invesco Ltd. increased its stake in shares of Procore Technologies by 32.8% in the 3rd quarter. Invesco Ltd. now owns 2,398,257 shares of the company’s stock valued at $156,654,000 after buying an additional 592,318 shares during the period. Finally, Cerity Partners LLC increased its stake in shares of 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 buying an additional 1,303,804 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PCOR. Canaccord Genuity Group decreased their target price on Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Piper Sandler decreased their target price on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. KeyCorp increased their target price on Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Stifel Nicolaus raised their price objective on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Finally, The Goldman Sachs Group raised their price objective on Procore Technologies from $74.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $81.79.

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.