Procore Technologies , Inc. (NYSE:PCOR) Chief Data Officer Joy Driscoll has sold a portion of her company stock, according to a recent SEC filing. The transaction involved 5,942 shares of common stock at an average price of $70.17, totaling approximately $416,950. The shares were sold on May 22, 2024.
The sale was conducted as a means to cover tax withholding obligations related to the vesting of restricted stock units. This "sell to cover" transaction is a requirement under the company's equity incentive plans and is not indicative of a discretionary trade by Driscoll.
Investors should note that the shares were sold at varying prices, ranging from $69.67 to $70.67. Driscoll, upon request, is prepared to provide detailed information regarding the specific number of shares sold at each price within this range.
Following the transaction, Driscoll's remaining ownership in Procore Technologies stands at 116,157 shares of common stock. It's worth mentioning that this figure includes an additional 427 shares that were recently acquired through the company's employee stock purchase plan on May 15, 2024.
The sale was officially signed off by Attorney-in-Fact Benjamin C. Singer on May 24, 2024, as indicated in the SEC filing. Procore Technologies, headquartered in Carpinteria, California, operates within the prepackaged software industry and is incorporated in Delaware.
InvestingPro Insights
As Procore Technologies, Inc. (NYSE:PCOR) navigates through the fluctuations of the market, certain financial metrics and expert analyses from InvestingPro offer additional perspectives on the company's performance and potential. With a market capitalization of approximately $10.06 billion, Procore's financial health and future earnings prospects are of keen interest to investors.
One of the notable InvestingPro Tips for Procore is the company's strong balance sheet, holding more cash than debt, which may provide a level of financial resiliency in uncertain economic times. Additionally, the company's gross profit margins stand out at an impressive 82.2% for the last twelve months as of Q1 2024. This figure, combined with a revenue growth of nearly 30% over the same period, underscores Procore's ability to generate substantial profit from its revenues, a key indicator of operational efficiency and pricing power.
Despite not being profitable over the last twelve months, analysts have revised their earnings upwards for the upcoming period, reflecting optimism in Procore's future profitability. This sentiment is supported by the company's Price / Book ratio of 8.43, which, while on the higher side, may reflect investor confidence in the company's assets and growth trajectory.
For investors looking to delve deeper into Procore's financials and future outlook, InvestingPro offers additional tips and insights. There are currently 14 additional InvestingPro Tips available, which can be accessed for further analysis. To enhance your investment research, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
The recent stock sale by Procore's Chief Data Officer should be contextualized within the broader financial picture of the company. With InvestingPro, investors can stay informed and make data-driven decisions.
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