Procore Technologies , Inc. (NYSE:PCOR) saw significant trading activity from one of its top executives, according to a recent SEC filing. William Fred Fleming Jr, the company's SVP, Corporate Controller, engaged in transactions involving both the acquisition and disposal of company stock on May 29, 2024.
Fleming exercised options to acquire 4,615 shares of common stock at a price of $12.22, totaling approximately $56,395. On the same day, he sold a total of 10,000 shares in two separate transactions. The first sale of 4,615 shares was at an average price of $69.03, while the second sale of 5,385 shares was at a weighted average price ranging from $68.91 to $68.96, as detailed in the footnotes of the filing. The total proceeds from these sales amounted to over $689,815.
The transactions resulted in Fleming's direct ownership of 81,863 shares following the sales. It is noted in the footnotes that the option exercised by Fleming vested in parts since June 04, 2019, with a portion vesting each month, conditioned upon continued service.
Investors and market watchers often pay close attention to insider transactions as they can provide insights into executives' perspectives on the company's performance and stock value. Procore Technologies, specializing in prepackaged software, has thus provided the market with new data points to consider.
InvestingPro Insights
Following the recent insider trading activity at Procore Technologies, Inc. (NYSE:PCOR), investors may find additional context in key financial metrics and expert analysis. With a market capitalization of $9.83 billion, Procore's financial health and growth prospects are crucial for understanding the potential impact of insider transactions on the stock's performance.
One of the standout InvestingPro Tips for Procore is its impressive gross profit margin, which stood at a robust 82.2% in the last twelve months as of Q1 2024. This indicates Procore's ability to maintain a strong markup on its products, which is a positive sign for investors. Additionally, analysts have revised their earnings upwards for the upcoming period, signaling confidence in the company's future performance. For those interested in a deeper dive, there are 14 additional InvestingPro Tips available at: https://www.investing.com/pro/PCOR.
From the InvestingPro Data, it's noteworthy that the company has experienced a significant revenue growth of 29.93% in the last twelve months as of Q1 2024. However, despite this growth, Procore is currently trading at a high Price / Book multiple of 8.23, which may suggest that the stock is priced optimistically relative to its book value. Furthermore, the company's P/E ratio stands at -69.09, reflecting its lack of profitability over the last twelve months.
For investors seeking to make informed decisions, these metrics provide a comprehensive view of Procore's financial landscape. To access a full suite of analytics and insights, including additional InvestingPro Tips, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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