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Kevin J. O'Connor, a director at Procore Technologies , Inc. (NYSE:PCOR), a construction management software company with an $11.4 billion market cap and strong financial health according to InvestingPro, recently sold a significant portion of his holdings in the company. According to a recent SEC filing, O'Connor sold a total of 19,230 shares of Procore's common stock over three days, from January 13 to January 15, 2025. The transactions, conducted under a pre-established trading plan, garnered approximately $1.45 million for O'Connor, with share prices ranging from $73.62 to $77.10. The company maintains impressive gross profit margins of 82.4% and has shown strong revenue growth of 24.4% over the last twelve months.
Post-transaction, O'Connor holds 1,250,598 shares indirectly through the Kevin J. O'Connor Revocable Trust. The sales were executed as part of a 10b5-1 plan, which allows insiders to set up a predetermined plan to sell stocks to avoid any accusations of insider trading. InvestingPro analysis suggests the stock is currently trading slightly above its Fair Value, with 12 analysts recently revising their earnings expectations upward. Discover more insights and 8 additional ProTips with an InvestingPro subscription.
In other recent news, Procore Technologies has seen a series of noteworthy developments. The company has reported robust earnings and revenue growth, with Q3 2024 revenue surging by 19% to reach $296 million, and international earnings increasing by 26%. Analyst firms like BMO Capital Markets and Baird have maintained an Outperform rating on the stock, adjusting their price targets upwards to $90 and $96, respectively. Additionally, UBS initiated coverage with a Buy rating and a $105 price target, reflecting the company's strong growth prospects.
Procore Technologies has also made strategic changes to its corporate governance. The company 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.
The company's FY 2025 revenue is projected to reach $1.275 billion, marking an 11% growth rate, and it has announced a $300 million stock buyback program. These are recent developments that highlight the company's robust growth prospects and strategic initiatives. However, it's worth noting that while these projections are based on current market conditions and analyst expectations, they are not guaranteed.
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