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procore technologies , Inc. (NYSE:) President of Products & Technology Steven Scott Davis sold 57,666 shares of the company's stock, valued at approximately $4.56 million. The shares were sold at an average price of $79.11, with the individual sale prices ranging from $78.58 to $79.46.
The transaction took place on March 13, 2024 and was reported in a recent filing with the Securities and Exchange Commission. Following the sale, Mr. Davis still owns 167,989 shares of Procore Technologies, demonstrating his continued investment in the company's future.
Procore Technologies, a company known for its prepackaged software solutions, has seen its stock price fluctuate recently. The sale by a government official could draw the attention of investors who closely monitor insider trading as part of their investment strategies.
Reporting executives have agreed to provide full details on the number of shares sold at each price within the reporting range, so investors interested in the details of the sale should request further information from the company. be able to.
The transaction highlights the dynamic nature of executive stock ownership, which can be influenced by a variety of personal and market factors. Procore Technologies continues to be a major player in the software services industry, and its management actively manages its stock.
Investment Pro Insights
Amid news of executive stake sale in Procore Technologies (NYSE:PCOR), investors may find value in the recent financial metrics and analyst insights provided by InvestingPro. With a market capitalization of $11.44 billion, the company trades at a high earnings valuation multiple of 9.86x as of the trailing 12 months ending in Q4 2023. For the first time in 12 months, analysts have revised up next year's profits, indicating optimism about the company's future profitability, despite not having made a profit in the past year.
Procore's gross profit margin is an impressive 81.69%, demonstrating its ability to maintain profitability at the business level. Moreover, the company has a solid revenue growth of 31.91% over the past 12 months as of Q4 2023. This financial health is complemented by a strong return of 16.65% total return over the past three months.
According to InvestingPro Tips, Procore has more cash than debt on its balance sheet and has not paid dividends to shareholders, which is a sign that investors value balance sheet strength and reinvestment potential. may be appropriate for. For those interested in more detailed analysis, additional his InvestingPro Tips on Procore Technologies are available, including analyst predictions for Procore Technologies to be profitable this year. To access these insights, investors can visit her Investing.com/pro/PCOR and use the coupon code. pro news 24 Get an extra 10% off annual or biennial Pro and Pro+ subscriptions.
Procore Technologies remains a company to watch in the Software Services space with its next fiscal year end date of May 1, 2024 and analyst-estimated fair value of US$85 compared to InvestingPro's fair value of US$74.57. is.
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