The president of Procore Technologies sells $628,615 worth of stock via Investing.com
Steven Scott Davis, President of Product and Technology at Procore Technologies Inc. (NYSE:), recently sold 9,671 shares of the company’s common stock. The transaction, which takes place on October 31, 2024, was made at a price of $65 per share, valuing approximately $628,615. Following this sale, Davis retains direct ownership of 192,137 shares. The sale was made under a previously established 10b5-1 trading plan dated March 15, 2024.
In other recent news, Procore Technologies showed strong growth in its Q3 results, highlighting a 19% year-over-year increase in revenue to $296 million. Non-GAAP operating margins stood at 9%, with full-year growth forecast at 900 basis points. Procore’s strategic initiatives, including a new go-to-market strategy and a $300 million stock repurchase program, underscore its commitment to growth and shareholder value.
International revenue grew 26% year over year. The company’s conservative revenue guidance for fiscal 2025 is set at $1.275 billion, representing 11% year-over-year growth. Procore expects Q4 revenue to be between $296 million and $298 million, a 14% to 15% year-over-year increase.
Despite facing macroeconomic challenges, including uncertainty about interest rates and elections, Procore maintains a strong net retention rate of 94-95%. The company is in the first phase of a significant transition to the market, aiming for strong financial performance by 2026. This is among the latest developments at Procore Technologies.
InvestingPro Insights
To give context to Steven Scott Davis’ recent stock sales, let’s examine some key financial metrics and insights from InvestingPro for Procore Technologies Inc. (NYSE:PCOR).
Procore Technologies has shown strong revenue growth, with an increase of 24.4% in the last twelve months from Q3 2023. This growth trajectory is consistent with InvestingPro Tip indicating that revenue is expected to grow this year. Additionally, 12 analysts have revised their earnings upward, suggesting positive sentiment about the company’s financial prospects.
The company has impressive gross profit margins, which were 82.34% for the last twelve months from Q3 2023. This top page shows Procore’s ability to successfully convert revenue into profit, which is important for technology companies.
Despite these positive indicators, it is important to note that Procore is currently trading at a high double earnings ratio and a high Price / Book ratio of 7.7. This may suggest that the stock is undervalued, which may influence the insider’s decision to sell shares.
Interestingly, Procore holds more cash than debt on its balance sheet, indicating a strong financial position. This strong foundation can give the company flexibility for future growth plans or to deal with possible economic conditions.
For investors looking for a comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 5 other InvestingPro Tips available for Procore Technologies, which can provide valuable context for understanding the company’s financial health and market conditions.
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