A company insider recently bought 171,489 shares of Procore Technologies Inc. [PCOR]. Should You Buy?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Procore Technologies Inc. shares valued at $7,341,111 were purchased by Griffith William J.G. on Jun 14. At $42.81 per share, Griffith William J.G. acquired 171,489 shares. The insider’s holdings grew to 1,069,534 shares worth approximately $66.35 million following the completion of this transaction.

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Also, ICONIQ Strategic Partners VI, purchased 95,202 shares, netting a total of over 4,075,474 in proceeds. Following the buying of shares at $42.81 each, the insider now holds 1,069,534 shares.

Before that, ICONIQ Strategic Partners VI, had added 76,287 shares to its account. In a trade valued at $3,265,637, the 10% Owner bought Procore Technologies Inc. shares for $42.81 each. Upon closing the transaction, the insider’s holdings increased to 76,287 shares, worth approximately $53.17 million.

Analysts at Mizuho started covering the stock with ‘”a Buy”‘ outlook in a report released in late March. Earlier on January 06, 2022, Jefferies upgraded its rating. Their new recommendation was “a Buy” for PCOR stock which previously was a “a Hold”.

Analyzing PCOR’s Price Performance

On Thursday, Procore Technologies Inc. [NYSE: PCOR] rose 9.53% to $62.04. The stock’s lowest price that day was $58.83, but it reached a high of $62.51 in the same session. During the last five days, there has been a surge of approximately 21.65%. Over the course of the year, Procore Technologies Inc. shares have dropped approximately -22.42%. Shares of the company reached a 52-week high of $80.81 on 01/03/22 and a 52-week low of $40.00 on 05/25/22. A 50-day SMA is recorded $47.78, while a 200-day SMA reached $63.37. Nevertheless, trading volume fell to 1.47 million shares from 0.81 million shares the previous day.

Support And Resistance Levels for Procore Technologies Inc. (PCOR)

According to the 24-hour chart, there is a support level at 59.74, which, if violated, would cause prices to drop to 57.45. In the upper region, resistance lies at 63.42. The next price resistance is at 64.81. RSI (Relative Strength Index) is 74.50 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 6.73, which suggests the price will increase in the coming days. Percent R is at 2.58%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Procore Technologies Inc. subject to short interest?

Stocks of Procore Technologies Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.53 million shares to 3.23 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 2.7 million shares. A jump of 16.41% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.86 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.86.

Which companies own the most shares of Procore Technologies Inc. (PCOR)?

According to Iconiq Capital LLC filings, the company currently owns 47,791,588 shares, which is about 35.25% of the total PCOR shares outstanding. The investor’s shares have appreciated by 2,982,705 from its previous 13-F filing of 44808883.0 shares. With the completion of the buy transaction, D1 Capital Partners LP’s stake is now worth $287,105,776. T. Rowe Price Associates, Inc. acquire a 31.26% interest valued at $226.0 million while The Vanguard Group, Inc. purchased a 513,842 stake. A total of -3,274,945 shares of Procore Technologies Inc. were bought by Tiger Global Management LLC during the quarter, and 1,095,000 were bought by 12 West Capital Management LP. In its current portfolio, Morgan Stanley & Co. LLC holds 2,297,930 shares valued at $104.3 million.

In terms of Procore Technologies Inc. share price expectations, FactSet research, analysts set an average price target of $73.30 in the next 12 months, up nearly 25.35% from the previous closing price of $56.64. Analysts anticipate Procore Technologies Inc. stock to reach $88.00 by 2022, with the lowest price target being $63.00. In spite of this, 11 analysts ranked Procore Technologies Inc. stock as a Buy at the end of 2022.


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