In a recent transaction, Steven Scott Davis, the President of Product & Technology at Procore Technologies , Inc. (NYSE:PCOR), sold 7,851 shares of the company's common stock. The sale, which occurred on May 22, 2024, was executed to cover tax withholding obligations related to the vesting of restricted stock units. As mandated by the company's equity incentive plans, the "sell to cover" transaction was not a discretionary trade by Davis.
The shares were sold at a weighted average price of $70.17, though they were traded within a price range of $69.67 to $70.67. The total value of the sold shares amounted to $550,904. Following the transaction, Davis still retains a substantial stake in the company, owning 219,652 shares of Procore Technologies' common stock.
Investors and security holders may request detailed information about the exact number of shares sold at each price within the specified range from the reporting person, as per the footnotes in the SEC filing.
Procore Technologies, headquartered in Carpinteria, California, operates in the prepackaged software industry and is known for its construction management software solutions. The recent transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, dated May 24, 2024.
InvestingPro Insights
In light of the recent transaction involving Steven Scott Davis, President of Product & Technology at Procore Technologies, Inc. (NYSE:PCOR), and the resulting interest in the company's financial health and stock stability, key metrics and analyst insights from InvestingPro provide a broader context for investors.
InvestingPro Data shows that Procore Technologies has a market capitalization of $10.06 billion. Despite a negative P/E ratio, indicating that the company has not been profitable over the last twelve months, the company's gross profit margin stands impressively at 82.2%, reflecting strong operational efficiency in generating revenue. Additionally, the revenue growth for the last twelve months as of Q1 2024 is notable at 29.93%, demonstrating the company's capacity for increasing sales.
Among the InvestingPro Tips, it is noteworthy that Procore Technologies holds more cash than debt on its balance sheet, which can be a sign of financial stability and may provide some reassurance to investors considering the company's negative earnings figures. Furthermore, 14 analysts have revised their earnings upwards for the upcoming period, signaling a potential shift towards profitability that could impact the company's future stock performance.
InvestingPro also notes that Procore Technologies has been trading at a high Price / Book multiple of 8.43, which could suggest that the market has high expectations for the company's growth or that the stock is overvalued compared to its book value.
Investors interested in a deeper analysis of Procore Technologies can access additional insights and metrics on InvestingPro. There are 6 more InvestingPro Tips available, which can be found at https://www.investing.com/pro/PCOR. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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