Steven Scott Davis Sells 7,641 Shares of Procore Technologies, Inc. (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) insider Steven Scott Davis sold 7,641 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $496,665.00. Following the transaction, the insider now directly owns 209,837 shares in the company, valued at approximately $13,639,405. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Steven Scott Davis also recently made the following trade(s):

• On Friday, June 14th, Steven Scott Davis sold 2,174 shares of Procore Technologies stock. The stock was sold at an average price of $65.77, for a total value of $142,983.98.
• On Wednesday, May 22nd, Steven Scott Davis sold 7,851 shares of Procore Technologies stock. The stock was sold at an average price of $70.17, for a total value of $550,904.67.

Procore Technologies Price Performance

Procore Technologies stock opened at $66.31 on Friday. The firm has a market capitalization of $9.70 billion, a PE ratio of -69.07 and a beta of 0.76. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35. The firm’s 50-day simple moving average is $67.42 and its 200 day simple moving average is $71.40. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The company had revenue of $269.43 million during the quarter, compared to analysts’ expectations of $263.13 million. On average, equities research analysts predict that Procore Technologies, Inc. will post -0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of the stock. Cerity Partners LLC boosted its stake in shares of Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after acquiring an additional 1,303,804 shares during the last quarter. Meritage Group LP acquired a new stake in shares of Procore Technologies during the 1st quarter worth about $106,738,000. William Blair Investment Management LLC acquired a new position in shares of Procore Technologies in the first quarter valued at approximately $91,158,000. Vanguard Group Inc. raised its position in shares of Procore Technologies by 13.2% in the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after buying an additional 995,757 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Procore Technologies during the fourth quarter valued at approximately $68,005,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PCOR. Barclays lowered their price objective on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. TD Cowen assumed coverage on shares of Procore Technologies in a report on Wednesday, June 12th. They set a “buy” rating and a $85.00 price target for the company. Canaccord Genuity Group lowered their price objective on Procore Technologies from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price target on Procore Technologies from $83.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Finally, Mizuho restated a “neutral” rating and issued a $70.00 price target (down from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.94.

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.