Procore Technologies (NYSE:PCOR) Shares Gap Down Following Insider Selling

Technology News

Procore Technologies, Inc. (NYSE:PCOR – Get Rating) gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $58.50, but opened at $57.09. Procore Technologies shares last traded at $57.69, with a volume of 147,914 shares.

Specifically, SVP William Fred Fleming, Jr. sold 4,000 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $67.08, for a total transaction of $268,320.00. Following the completion of the transaction, the senior vice president now directly owns 59,870 shares in the company, valued at $4,016,079.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 24,200 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,302,202.00. Following the transaction, the chief executive officer now owns 3,536,085 shares in the company, valued at approximately $190,276,733.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed via this hyperlink. Also, SVP William Fred Fleming, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $67.08, for a total value of $268,320.00. Following the transaction, the senior vice president now owns 59,870 shares in the company, valued at approximately $4,016,079.60. The disclosure for this sale can be found here. Insiders sold a total of 116,037 shares of company stock worth $6,916,070 over the last ninety days. 39.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PCOR. Barclays upped their price target on Procore Technologies from $61.00 to $72.00 in a research note on Friday, February 17th. Piper Sandler upped their price target on Procore Technologies from $60.00 to $82.00 and gave the stock an “overweight” rating in a research note on Friday, February 17th. Oppenheimer upped their price target on Procore Technologies from $60.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, February 17th. Stifel Nicolaus cut their price target on Procore Technologies from $79.00 to $67.00 in a research note on Thursday, May 4th. Finally, JMP Securities restated a “market outperform” rating and issued a $75.00 price target on shares of Procore Technologies in a research note on Monday, April 17th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Procore Technologies Price Performance

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The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.04. The firm has a market cap of $8.10 billion, a PE ratio of -28.54 and a beta of 0.55. The stock has a 50-day simple moving average of $56.48 and a 200-day simple moving average of $55.15.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Jump Financial LLC grew its position in shares of Procore Technologies by 72.0% during the third quarter. Jump Financial LLC now owns 78,076 shares of the company’s stock valued at $3,863,000 after purchasing an additional 32,676 shares in the last quarter. Bessemer Group Inc. purchased a new position in Procore Technologies in the third quarter worth about $294,000. Chicago Partners Investment Group LLC purchased a new position in Procore Technologies in the fourth quarter worth about $1,103,000. Russell Investments Group Ltd. purchased a new position in Procore Technologies in the third quarter worth about $653,000. Finally, Verition Fund Management LLC purchased a new position in Procore Technologies in the third quarter worth about $282,000. Hedge funds and other institutional investors own 82.50% of the company’s stock.

About Procore Technologies

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Procore Technologies, Inc provides a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables 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 Management, 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.

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