Procore Technologies , Inc. (NYSE:PCOR) President of Product & Technology, Steven Scott Davis, has sold 57,666 shares of company stock, totaling approximately $4.56 million. The shares were sold at an average price of $79.11, with individual sale prices ranging from $78.58 to $79.46.
The transaction, which took place on March 13, 2024, was reported in a recent filing with the Securities and Exchange Commission. Following the sale, Davis still holds 167,989 shares of Procore Technologies stock, indicating continued investment in the company\'s future.
Procore Technologies, known for its prepackaged software solutions, has seen its stock price fluctuate in recent times. This sale by a high-ranking executive may draw the attention of investors who closely monitor insider transactions as part of their investment strategy.
Investors interested in the specifics of the sale can request detailed information from the company, as the reporting executive has agreed to provide full details regarding the number of shares sold at each price within the reported range.
The recent transaction underscores the dynamic nature of stock ownership among company executives, which can be influenced by a variety of personal and market factors. Procore Technologies continues to be a key player in the software services industry, with its executive team actively managing their stakes in the company.
Pro Insights
Amid the news of Procore Technologies, Inc.\'s (NYSE:PCOR) executive share sale, investors may find value in recent financial metrics and analyst insights from Pro. The company, with a market capitalization of 11.44 billion USD, has been trading at a high revenue valuation multiple, which is reflected in its Price/Book ratio of 9.86 as of the last twelve months ending Q4 2023. Despite not being profitable over the last twelve months, analysts have revised their earnings upwards for the upcoming period, indicating potential optimism about the company\'s future profitability.
Procore\'s gross profit margin stands impressively at 81.69%, showcasing its ability to maintain profitability at the operational level. Additionally, the company has experienced a robust revenue growth of 31.91% over the last twelve months as of Q4 2023. This financial health is complemented by a strong return over the last three months, with a total return of 16.65%.
Pro Tips suggest that Procore holds more cash than debt on its balance sheet and does not pay a dividend to shareholders, which could be pertinent for investors focusing on balance sheet strength and reinvestment potential. For those interested in a deeper analysis, there are additional Pro Tips available for Procore Technologies, including predictions by analysts that the company will become profitable this year. To access these insights, investors can visit /pro/PCOR and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date on May 1, 2024, and the fair value estimated by analysts at 85 USD compared to the Pro fair value of 74.57 USD, Procore Technologies remains a company to watch in the software services sector.
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