William Fred Jr. Fleming, Senior Vice President and Corporate Controller at Procore Technologies , Inc. (NYSE:PCOR), recently sold 15,000 shares of the company's common stock. The shares were sold at an average price of $70.75, generating a total value of approximately $1.06 million. Following this transaction, Fleming holds 75,120 shares directly.
Additionally, Fleming exercised stock options to acquire 10,964 shares at a price of $12.22 per share, adding a value of approximately $133,980 to his holdings. After these transactions, his total direct ownership stands at 90,120 shares.
In other recent news, Procore Technologies showcased a robust growth in its third-quarter earnings, with a 19% increase in year-over-year revenue, amounting to $296 million. The company's non-GAAP operating margins stood at 9%, with an improvement of 900 basis points expected for the full fiscal year. Procore's strategic initiatives, which include a new go-to-market strategy and a $300 million stock repurchase program, underline its commitment to growth and shareholder value.
On the international front, Procore reported a 26% year-over-year revenue growth. The company has set a conservative revenue guidance for fiscal 2025 at $1.275 billion, indicating an 11% year-over-year growth. The company's Procore Pay platform continues to expand, now serving over 100 customers.
However, Procore is also facing challenges, as its customer expansion rates remain consistent with previous quarters but still below historical levels. The current macroeconomic challenges, including uncertainty around interest rates and elections, contribute to a cautious outlook for 2026. Despite these challenges, Procore's win rate exceeds 60% against top competitors, and the company maintains a strong gross retention rate of approximately 94-95%.
InvestingPro Insights
As Procore Technologies' Senior Vice President and Corporate Controller William Fred Jr. Fleming makes significant stock moves, it's worth examining the company's financial health and market position.
According to InvestingPro data, Procore Technologies boasts a market capitalization of $10.48 billion, reflecting its substantial presence in the construction management software industry. The company's revenue growth remains robust, with a 24.4% increase over the last twelve months as of Q3 2024, indicating strong market demand for its products.
One of the standout InvestingPro Tips highlights Procore's impressive gross profit margins, which currently stand at 82.36%. This high margin suggests the company's ability to efficiently convert revenue into profit, a positive sign for potential investors.
Another relevant InvestingPro Tip notes that 12 analysts have revised their earnings upwards for the upcoming period. This optimism from analysts aligns with the company's recent stock performance, which has seen a strong 33.53% return over the past three months.
While these metrics paint a positive picture, it's important to note that Procore is currently trading at a high revenue valuation multiple. This could indicate that the market has high expectations for the company's future growth, which aligns with Fleming's recent stock transactions.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Procore Technologies, providing a deeper understanding of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.