Benjamin C. Singer, the Chief Legal Officer and Secretary of Procore Technologies , Inc. (NYSE:PCOR), has sold a portion of his holdings in the company. InvestingPro data shows Procore maintains strong financial health with impressive gross profit margins of 82.4%. According to a recent SEC filing, Singer sold 1,500 shares of common stock on January 21, 2025, at a price of $78 per share. This transaction, which amounted to a total of $117,000, was executed as part of a pre-established 10b5-1 trading plan dated August 15, 2024. Following this sale, Singer retains ownership of 83,039 shares in the company. With Procore’s market cap at $11.7 billion and its next earnings report scheduled for February 13, 2025, investors can access comprehensive analysis through InvestingPro’s detailed research reports.
In other recent news, Procore Technologies has been the center of positive attention from several analyst firms. BMO Capital Markets upgraded its outlook on Procore shares from $85.00 to $90.00, while Baird increased its price target to $96. UBS initiated coverage with a Buy rating and a $105 price target. Other firms such as DA Davidson, Mizuho (NYSE:MFG), TD Cowen, Piper Sandler, and Jefferies also revised their price targets upwards.
This follows Procore’s strong financial performance, with a 19% increase in Q3 2024 revenue, reaching $296 million, and a 26% rise in international earnings. The company’s fiscal year 2025 revenue is projected to reach $1.275 billion, marking an 11% growth rate. Additionally, Procore announced a $300 million stock buyback program.
In terms of corporate governance, Procore recently adopted new amended and restated bylaws to align with recent amendments to the Delaware General Corporation Law. These changes aim to streamline certain corporate governance processes, including modifications to the procedures and rules related to shareholder meetings, nominations of directors, and submissions of proposals for other business at shareholder meetings. These are the recent developments that have shaped Procore Technologies’ strategic and financial outlook.
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