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Kevin J. O’Connor, a director at Procore Technologies , Inc. (NYSE:PCOR), a construction management software company with an $11.2 billion market cap and impressive 82% gross margins, recently executed a series of stock sales amounting to approximately $1.48 million, according to a recent filing. The transactions were carried out over three consecutive days, from February 5 to February 7, 2025.
O’Connor sold a total of 19,230 shares of Procore Technologies’ common stock. The sales were made at prices ranging from $76.77 to $77.33 per share, with the stock currently trading at $75.45. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. Following these transactions, O’Connor retains ownership of 1,231,368 shares indirectly through the Kevin J. O’Connor Revocable Trust and 13,583 shares directly. Investors should note that Procore is scheduled to report earnings on February 13, 2025.
These stock sales were conducted under a pre-arranged 10b5-1 plan, which was established on November 27, 2023. This plan allows insiders to sell a predetermined number of shares at a scheduled time, providing a measure of protection against accusations of insider trading. The company maintains a strong financial health score according to InvestingPro’s comprehensive analysis, which includes additional insights available in the Pro Research Report.
In other recent news, multiple analysts have adjusted their outlook on Procore Technologies, Inc. BMO Capital Markets maintained its Outperform rating and increased its price target from $85.00 to $90.00, citing the company’s long-term margin aspirations and new go-to-market strategies. Similarly, Baird retained an Outperform rating and raised its price target to $96, highlighting potential for upward revisions in estimates and accelerating growth in the following fiscal year.
UBS initiated coverage with a Buy rating and a price target of $105.00, forecasting a 16% increase in growth for the coming year. On the other hand, DA Davidson maintained a Neutral rating while adjusting its price target from $60.00 to $70.00 after Procore’s recent Groundbreak conference and Investor Day.
In other developments, Procore’s Board of Directors adopted new amended and restated bylaws to align with recent amendments to the Delaware General Corporation Law. These modifications, detailed in the company’s Form 8-K filing with the Securities and Exchange Commission, aim to streamline certain corporate governance processes and ensure compliance with the evolving legal landscape.
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