Procore Technologies, Inc. (NYSE:PCOR) Insider Sells $447,675.00 in Stock

Posted by Adam Masters on Mar 19th, 2023

Procore Technologies, Inc. (NYSE:PCOR – Get Rating) insider Joy Driscoll Durling sold 7,500 shares of the company’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $59.69, for a total transaction of $447,675.00. Following the completion of the sale, the insider now owns 114,874 shares of the company’s stock, valued at approximately $6,856,829.06. The transaction was disclosed in a filing with the SEC, which is available through this link.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $60.31 on Friday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of -28.72 and a beta of 0.62. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.50 and a current ratio of 1.50. Procore Technologies, Inc. has a 52 week low of $40.00 and a 52 week high of $68.56. The firm’s 50-day simple moving average is $59.17 and its two-hundred day simple moving average is $54.09.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JMP Securities raised their price target on shares of Procore Technologies from $70.00 to $75.00 in a research report on Friday, February 17th. Mizuho raised their price target on shares of Procore Technologies from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Piper Sandler raised their price target on shares of Procore Technologies from $60.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday, February 17th. Oppenheimer raised their price target on shares of Procore Technologies from $60.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, February 17th. Finally, Barclays raised their price target on shares of Procore Technologies from $61.00 to $72.00 in a research report on Friday, February 17th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.67.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently modified their holdings of PCOR. Price T Rowe Associates Inc. MD increased its stake in shares of Procore Technologies by 55.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,174,940 shares of the company’s stock worth $432,874,000 after purchasing an additional 3,275,404 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Procore Technologies by 94.6% in the fourth quarter. JPMorgan Chase & Co. now owns 3,137,249 shares of the company’s stock worth $148,017,000 after purchasing an additional 1,525,039 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Procore Technologies by 20.4% in the third quarter. Vanguard Group Inc. now owns 6,141,607 shares of the company’s stock worth $303,886,000 after purchasing an additional 1,042,498 shares in the last quarter. BlackRock Inc. increased its stake in shares of Procore Technologies by 61.5% in the third quarter. BlackRock Inc. now owns 2,574,359 shares of the company’s stock worth $127,378,000 after purchasing an additional 980,125 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Procore Technologies in the fourth quarter worth about $35,085,000. 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 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 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.