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Benjamin C. Singer, the Chief Legal Officer and Secretary of Procore Technologies , Inc. (NYSE:PCOR), recently executed a series of stock transactions, according to a recent SEC filing. On February 21, 2025, Singer sold a total of 6,937 shares of Procore’s common stock. These sales were conducted at prices ranging from $83.39 to $84.22 per share, resulting in a total transaction value of approximately $579,922. The transactions come as Procore’s stock has surged nearly 40% over the past six months, trading near its 52-week high of $88.92. According to InvestingPro analysis, the company appears overvalued at current levels.
Earlier, on February 20, 2025, Singer disposed of 3,992 shares at a price of $86.48 per share. This transaction was related to shares withheld by the company to satisfy tax obligations upon the vesting of restricted stock units.
Following these transactions, Singer holds 72,110 shares of Procore Technologies. The sales were conducted under a 10b5-1 trading plan, a prearranged trading strategy that allows insiders to sell a predetermined number of shares at a predetermined time.
In other recent news, Procore Technologies has reported its fourth-quarter earnings for 2024, showcasing a mixed financial performance. The company posted a non-GAAP earnings per share (EPS) of $0.01, which did not meet the expected $0.11. However, revenue exceeded forecasts, reaching $302 million, surpassing the anticipated $297.43 million. Analysts from JMP Securities and KeyBanc Capital Markets responded positively to Procore’s financial results, with JMP raising the stock price target to $95 and KeyBanc to $96, both maintaining favorable ratings.
The company’s calculated remaining performance obligations (cRPO) also outperformed expectations, indicating strong sales execution. Procore’s full-year revenue guidance has been raised to $1.285-$1.290 billion, reflecting a 12% growth, with an increase in the non-GAAP operating margin guidance to 13-13.5%. Notably, the company’s strategic initiatives and product innovations have bolstered investor confidence, as reflected in the stock’s aftermarket performance.
Procore has also focused on expanding its international revenue, which grew by 19% year-over-year, highlighting its global market reach. The firm’s transition in its go-to-market strategy has shown less disruption than anticipated, contributing to strong deal activities and robust execution. These developments underscore Procore’s continued growth trajectory and market position, with analysts expressing confidence in the company’s future performance.
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