Procore Technologies, Inc. (NYSE: PCOR) announced on December 22, 2023, that its Chief Financial Officer, Howard Fu, sold 796 shares of the company’s stock. The shares were sold at an average price of $74.42, resulting in a total transaction value of $59,238.32. Following this sale, Fu retained 179,051 shares, which are currently valued at approximately $13,324,975.42, marking a 0.44% decrease in his ownership stake.
The transaction was made public through a filing with the U.S. Securities and Exchange Commission (SEC). In recent months, Fu has been active in trading Procore shares. On November 21, 2023, he sold 797 shares at an average price of $69.35, totaling $55,271.95. Earlier, on October 21, 2023, he sold 814 shares for an average of $72.34, amounting to $58,884.76.
Market Performance and Analyst Ratings
On the day following Fu’s latest sale, Procore Technologies’ stock opened at $74.29. Over the past year, the stock has fluctuated significantly, hitting a low of $53.71 and a high of $88.92. Currently, the company boasts a market capitalization of $11.55 billion and maintains a P/E ratio of -88.44 along with a beta of 0.90. Additionally, the stock exhibits a quick ratio and current ratio of 1.33, while its debt-to-equity ratio stands at a low 0.02.
Institutional investors have shown a keen interest in Procore Technologies. Notably, AllianceBernstein L.P. increased its holdings by 493.9% in the third quarter, amassing 6,107,945 shares worth $445,391,000. Other significant investors include Assenagon Asset Management S.A., which boosted its position by 76.6%, and Wellington Management Group LLP, which grew its stake by 77.6% in the same period. Overall, institutional and hedge fund investors now hold 81.10% of the company’s stock.
Analyst Outlook
The outlook for Procore Technologies remains largely positive among analysts. BTIG Research recently reaffirmed a “buy” rating, setting a price target of $88.00. Similarly, William Blair maintained an “outperform” rating, while Robert W. Baird raised its price objective from $88.00 to $93.00. Other firms, including BMO Capital Markets and Canaccord Genuity Group, have also issued optimistic ratings and increased their price targets, reflecting a consensus that the stock remains a strong investment opportunity.
As of the latest reports, one analyst has rated Procore Technologies with a “Strong Buy,” while thirteen others issued a “Buy” rating. Six analysts have suggested holding the stock, and one has issued a “Sell” rating, resulting in an overall average rating of “Moderate Buy” with a target price of $84.67, according to MarketBeat.com.
Procore Technologies continues to expand its presence in the construction management sector through its cloud-based platform, which enhances collaboration among owners, general contractors, architects, and engineers. As the company navigates market fluctuations, its leadership and institutional backing may play critical roles in its ongoing growth.
