Procore Technologies , Inc. (NYSE:PCOR) director Kathryn Bueker has sold 1,787 shares of the company's common stock on June 10, 2024, for a total value of $117,370, at an average price of $65.68 per share. The transaction was executed under a prearranged 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.
The sale was disclosed in a regulatory filing with the Securities and Exchange Commission (SEC), which also showed that earlier in the same week, on June 6, Bueker received 2,887 shares of common stock issuable upon the settlement of restricted stock units (RSUs). These shares are set to vest at the date of the issuer's 2025 annual meeting of stockholders, contingent upon Bueker's continued service as a director. Following the sale, Bueker still owns 30,432 shares in the company.
The RSUs are subject to a deferral arrangement chosen by Bueker, where the receipt of common stock upon vesting is postponed until either ninety days following the termination of her service or the occurrence of a change in control at Procore Technologies.
Investors and market watchers often monitor insider transactions as they can provide insights into a company's financial health and management's perspective on the stock's value. Transactions under 10b5-1 plans are pre-planned and offer a transparent method for company insiders to manage their stock holdings.
Procore Technologies, headquartered in Carpinteria, California, specializes in prepackaged software services and has been a key player in the technology sector. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol PCOR.
In other recent news, Procore Technologies reported strong Q1 growth, with a 26% YoY revenue increase to $269 million, and projected an optimistic outlook for the second half of the year. However, Mizuho Securities downgraded Procore's stock to neutral, citing near-term weakness in the construction sector, while reducing the price target to $70 from the previous $75. Similarly, BMO (TSX:BMO) Capital Markets cut the price target for Procore from $90 to $85, maintaining an Outperform rating despite challenging market conditions.
These recent developments follow Procore's Q1 report that showed a $6 million revenue beat and an operating margin increase to 14%. The company's international revenue also grew by 32% YoY, and it was ranked 8th among G2's Top 100 Global Software Companies for 2024. Despite a 4% workforce reduction, Procore anticipates Q2 revenue between $274 million and $276 million and full-year revenue between $1.14 billion and $1.144 billion.
These facts illustrate the recent trajectory of Procore Technologies, providing investors with a snapshot of the company's performance and the analysts' perspectives on its future.
InvestingPro Insights
Procore Technologies, Inc. (NYSE:PCOR) director Kathryn Bueker's recent sale of company stock coincides with a period where Procore Technologies displays a mixed financial landscape, according to InvestingPro data. With a market capitalization of approximately $9.83 billion, Procore is valued significantly by the market, despite not being profitable over the last twelve months. The company's P/E ratio stands at a negative -70.13, reflecting investor expectations of future earnings growth rather than current profitability.
An InvestingPro Tip highlights that analysts are optimistic about Procore's future, with 14 analysts revising their earnings upwards for the upcoming period. This could suggest that insiders like Bueker may be taking advantage of the current stock price, which is still trading at 80.6% of its 52-week high, to diversify their holdings before potential future appreciation.
Procore's impressive gross profit margin of 82.2% in the last twelve months as of Q1 2024 is a testament to the company's ability to maintain profitability at the operational level. However, with an adjusted operating income of -$157.2 million, it's clear that other expenses are impacting the company's bottom line. Investors might find solace in another InvestingPro Tip that indicates Procore is expected to become profitable this year, aligning with the positive revenue growth of 29.93% over the same period.
For those interested in further insights, InvestingPro offers additional tips on Procore Technologies, which can be accessed at https://www.investing.com/pro/PCOR. Readers can utilize the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a deeper dive into Procore's financial health and stock performance with exclusive data and analysis.
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