In a recent move, William Fred Fleming Jr, the Senior Vice President and Corporate Controller of Procore Technologies , Inc. (NYSE:PCOR), sold a significant number of shares in the company. On May 22, 2024, Fleming parted with 3,188 shares at an average price of $70.17, netting a total of $223,701 from the sale.
The transaction was executed at varying prices ranging from $69.67 to $70.67. This price range indicates the weighted average at which the shares were sold. Post-sale, Fleming's direct holdings in Procore Technologies have been adjusted to 87,248 shares. It's important to note that this sale was not a discretionary trade by Fleming but was required to cover tax withholding obligations associated with the vesting of restricted stock units, as mandated by Procore Technologies' equity incentive plans.
This "sell to cover" transaction is a common practice where employees sell a portion of their vested shares to pay for the taxes incurred upon the vesting of their stock units. Procore Technologies, a company specializing in prepackaged software services, allows for such transactions as part of its equity incentive program to facilitate the automatic handling of tax obligations.
Investors and shareholders of Procore Technologies may request further details on the exact number of shares sold at each price point within the reported range. In addition to the sold shares, it was noted that Fleming had acquired 253 shares through the company's employee stock purchase plan earlier on May 15, 2024.
The sale was officially documented and signed by Benjamin C. Singer, Attorney-in-Fact, on May 24, 2024, affirming the accuracy and compliance of the transaction with regulatory standards.
InvestingPro Insights
Amidst the recent insider transaction at Procore Technologies, Inc. (NYSE:PCOR), by William Fred Fleming Jr, the company's financial health and market performance offer additional context to investors monitoring the situation. According to InvestingPro data, Procore Technologies holds a market capitalization of $10.06 billion, showcasing its substantial size within the prepackaged software services sector. Despite a challenging earnings history, with a negative P/E ratio of -71.9 for the last twelve months as of Q1 2024, analysts are showing optimism.
One of the key InvestingPro Tips highlights that Procore Technologies has more cash than debt on its balance sheet, suggesting a solid financial position that could weather potential downturns. Additionally, the company's impressive gross profit margin stands at 82.2%, indicating efficient operations and strong pricing power over the last twelve months as of Q1 2024. This is particularly relevant for investors considering the company's capability to generate profit relative to its revenue.
However, it's also worth noting that Procore Technologies is trading at a high Price / Book multiple of 8.43, which could signify that the stock is priced optimistically relative to its book value. Moreover, despite not being profitable over the last twelve months, analysts predict that the company will turn a profit this year, which might be a pivotal point for potential investors.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that could shed light on Procore Technologies' future performance and valuation. By visiting https://www.investing.com/pro/PCOR, you can find a total of 9 InvestingPro Tips that may provide valuable insights. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which could be a strategic tool for investors looking to make informed decisions.
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