Howard Fu Sells 1,157 Shares of Procore Technologies, Inc. (NYSE:PCOR) Stock

Procore Technologies, Inc. (NYSE:PCOR) CFO Howard Fu sold 1,157 shares of Procore Technologies stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $65.00, for a total value of $75,205.00. Following the completion of the sale, the chief financial officer now owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Howard Fu also recently made the following trade(s):

• On Wednesday, May 22nd, Howard Fu sold 7,748 shares of Procore Technologies stock. The shares were sold at an average price of $70.17, for a total value of $543,677.16.
• On Monday, April 22nd, Howard Fu sold 1,441 shares of Procore Technologies stock. The shares were sold at an average price of $71.02, for a total value of $102,339.82.

Procore Technologies Stock Performance

Procore Technologies stock opened at $66.31 on Friday. The stock has a market cap of $9.70 billion, a P/E ratio of -69.07 and a beta of 0.76. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average of $67.42 and a 200-day moving average of $71.40. Procore Technologies, Inc. has a 52 week low of $48.11 and a 52 week high of $83.35.

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

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PCOR. Norges Bank bought a new position in Procore Technologies during the fourth quarter worth $68,005,000. Artisan Partners Limited Partnership lifted its stake in Procore Technologies by 81.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock worth $45,200,000 after purchasing an additional 293,613 shares during the last quarter. Eventide Asset Management LLC bought a new position in Procore Technologies during the fourth quarter worth $3,302,000. CHURCHILL MANAGEMENT Corp bought a new position in Procore Technologies during the first quarter worth $1,342,000. Finally, GW&K Investment Management LLC bought a new position in Procore Technologies during the fourth quarter worth $52,130,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PCOR has been the subject of a number of research reports. Mizuho reiterated a “neutral” rating and set a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Piper Sandler dropped their target price on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Barclays dropped their target price on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. TD Cowen initiated coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They set a “buy” rating and a $85.00 target price for the company. Finally, Canaccord Genuity Group dropped their target price on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.