On December 22, 2023, Howard Fu, Chief Financial Officer of Procore Technologies, Inc. (NYSE: PCOR), sold 796 shares of the company’s stock in a transaction valued at approximately $59,238.32. The shares were sold at an average price of $74.42 each. Following this sale, Fu’s total equity in Procore Technologies stands at 179,051 shares, worth roughly $13,324,975.42. This transaction reflects a 0.44% decrease in his ownership.
The sale was documented in a filing with the Securities and Exchange Commission (SEC). Additionally, Fu has been active in the market in recent months, previously selling 797 shares on November 21 at an average of $69.35 per share, bringing in $55,271.95. Earlier, on October 21, he disposed of 814 shares at an average price of $72.34, resulting in a transaction total of $58,884.76.
Market Performance and Institutional Activity
As of Wednesday, Procore Technologies shares opened at $74.29. Over the past year, the stock has seen a low of $53.71 and a high of $88.92. The company’s market capitalization is currently around $11.55 billion, with a price-to-earnings (P/E) ratio of -88.44 and a beta of 0.90. The stock’s performance is supported by a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.
Institutional investors have played a significant role in the trading activity of Procore Technologies. In the third quarter, AllianceBernstein L.P. increased its stake in the company by an impressive 493.9%, acquiring an additional 5,079,534 shares to total 6,107,945 shares, valued at $445,391,000. Similarly, Assenagon Asset Management S.A. boosted its holdings by 76.6% during the same period, now owning 4,037,974 shares worth $294,449,000.
Other notable investors include Wasatch Advisors LP, which increased its stake by 58.4%, and Wellington Management Group LLP, which expanded its position by 77.6%. Collectively, institutional investors and hedge funds now control 81.10% of Procore Technologies’ stock.
Analyst Ratings and Future Outlook
Research analysts have expressed positive sentiments regarding Procore Technologies. On December 17, BTIG Research reaffirmed a “buy” rating with a price target of $88.00. Similarly, William Blair reiterated an “outperform” rating in October. Notably, Robert W. Baird raised its price objective from $88.00 to $93.00, while BMO Capital Markets and Canaccord Genuity Group also adjusted their targets to $87.00 and $90.00, respectively.
The consensus among analysts indicates a strong interest in Procore Technologies, with one rating designated as Strong Buy, thirteen as Buy, six as Hold, and one as Sell. According to MarketBeat.com, the stock carries an average rating of “Moderate Buy” with an average target price set at $84.67.
Founded to provide a cloud-based construction management platform, Procore Technologies allows owners, contractors, architects, and engineers to collaborate effectively on projects. The platform facilitates various stages of construction, including planning, budgeting, and project execution, enhancing efficiency and regulatory compliance.
With recent fluctuations and active trading, Procore Technologies remains a focal point for both investors and market analysts, reflecting the company’s pivotal role in the construction technology sector.
