Benjamin C. Singer Sells 2,000 Shares of Procore Technologies, Inc. (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $66.13, for a total value of $132,260.00. Following the completion of the sale, the insider now directly owns 108,705 shares in the company, valued at approximately $7,188,661.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded up $0.72 during trading hours on Wednesday, hitting $68.70. 1,020,832 shares of the company’s stock were exchanged, compared to its average volume of 1,322,178. Procore Technologies, Inc. has a 1-year low of $48.11 and a 1-year high of $83.35. 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 stock has a market capitalization of $10.05 billion, a price-to-earnings ratio of -71.56 and a beta of 0.75. The company’s 50-day moving average price is $67.21 and its 200-day moving average price is $71.46.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $269.43 million during the quarter, compared to analysts’ expectations of $263.13 million. On average, sell-side analysts expect that Procore Technologies, Inc. will post -0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. International Assets Investment Management LLC increased its stake in Procore Technologies by 6,823.1% during the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after acquiring an additional 887 shares during the period. Cullen Frost Bankers Inc. bought a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $62,000. Advisors Asset Management Inc. grew its stake in shares of Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Procore Technologies by 30.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after purchasing an additional 297 shares during the period. Finally, Covestor Ltd grew its stake in shares of Procore Technologies by 29.3% in the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock valued at $109,000 after purchasing an additional 300 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PCOR. Piper Sandler lowered their price target on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their price target on Procore Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday. Mizuho reissued a “neutral” rating and set a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. BMO Capital Markets reissued an “outperform” rating and set a $85.00 price objective on shares of Procore Technologies in a research report on Tuesday, June 11th. Finally, TD Cowen began coverage on Procore Technologies in a research report on Wednesday, June 12th. They set a “buy” rating and a $85.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.19.

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.