CARPINTERIA, Calif.— Procore Technologies , Inc. (NYSE:PCOR) recently disclosed that its Chief Financial Officer and Treasurer, Fu Howard, executed a transaction involving the sale of company stock. According to an SEC filing, Howard sold a total of 7,809 shares of Procore Technologies' common stock on November 21, 2024.
The shares were sold at a weighted average price of $71.36, with prices ranging from $70.87 to $71.86. This transaction amounted to a total value of approximately $557,250. Following this sale, Howard retains direct ownership of 164,188 shares in the company.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as mandated by Procore's equity incentive plans. This "sell to cover" transaction was not a discretionary trade by Howard.
In other recent news, Procore Technologies has seen a boost in stock price targets from several analyst firms, reflecting an optimistic outlook on the company's growth prospects. Mizuho (NYSE:MFG) raised the stock price target for Procore Technologies to $65, maintaining a neutral stance. BMO Capital Markets maintained an outperform rating and increased the stock's price target to $85, signaling confidence in Procore's strategic plan. TD Cowen also raised Procore's price target to $82, while maintaining a buy rating, highlighting the company's strong market position. Piper Sandler increased its target for Procore to $90, citing robust financial model and growth potential. Jefferies and DA Davidson also adjusted their price targets for Procore, reflecting the company's growth potential.
Procore's Q3 2024 revenue saw a significant 19% surge, reaching $296 million, and international earnings increased by 26%. The company also announced a $300 million stock buyback program. Procore has introduced new platform updates and innovations, demonstrating its commitment to maintaining its leadership in the construction software industry. The company is implementing a more customer-centric sales strategy, projecting FY 2025 revenue to hit $1.275 billion, representing an 11% growth rate, and an improvement in non-GAAP operating margins to 13%. These are some of the recent developments in Procore's strategic direction and financial outlook.
InvestingPro Insights
Procore Technologies, Inc. (NYSE:PCOR) has been showing strong financial performance and market momentum, which adds context to the recent insider transaction. According to InvestingPro data, the company's revenue grew by 24.4% over the last twelve months, reaching $1.11 billion. This growth is complemented by an impressive gross profit margin of 82.36%, highlighting Procore's efficiency in its core business operations.
The market has responded positively to Procore's performance, with the stock showing a 24.44% price return over the past month and a 35.33% return over the last year. This upward trajectory aligns with the company's improving financial outlook. InvestingPro Tips indicate that net income is expected to grow this year, and analysts have revised their earnings estimates upwards for the upcoming period, suggesting confidence in Procore's future profitability.
Despite the recent stock sale by CFO Fu Howard, which was primarily for tax purposes, Procore's financial position remains strong. An InvestingPro Tip notes that the company holds more cash than debt on its balance sheet, providing financial flexibility for future growth initiatives.
Investors considering Procore should be aware that while the company is not currently profitable, analysts predict it will turn a profit this year. The stock's current valuation metrics, such as a high Price / Book multiple of 8.7, reflect market optimism about Procore's growth prospects.
For those seeking a deeper analysis, InvestingPro offers 12 additional tips on Procore Technologies, providing a more comprehensive view of the company's financial health and market position.
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