Form 4: ICONIQ Capital's Griffith Reports Procore Technologies Stock Transactions

William J.G. Griffith, a director and 10% owner of Procore Technologies, reported multiple transactions involving the distribution and sale of common stock held by ICONIQ Strategic Partners.

Summary

• On November 2, 2024, ICONIQ Strategic Partners II, L.P. distributed 766,624 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners GP II, L.P.
• ICONIQ Strategic Partners II-B, L.P. also distributed 571,596 shares on the same date.
• ICONIQ Strategic Partners II Co-Invest, L.P., P Series distributed 284,172 shares on November 2, 2024.
• William J.G. Griffith, a director and 10% owner, indirectly holds shares through various ICONIQ Strategic Partners entities.
• On November 4, 2024, ICONIQ Strategic Partners II-B, L.P. sold 28,516 shares at a weighted average price of $66.542, with prices ranging from $66.23 to $67.03.
• Griffith also directly holds 2,456,353 shares through family trusts.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather reports factual information.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders of a publicly traded company buy or sell the company's securities. This filing indicates activity by a significant shareholder and director of Procore Technologies.

Comparison to Industry Standards

• Form 4 filings are a standard part of regulatory compliance for publicly traded companies, similar to filings made by insiders at companies like Autodesk (ADSK), Oracle (ORCL), and Salesforce (CRM).
• The transactions reported are typical for venture capital and private equity firms distributing shares to partners or selling shares on the open market.

Stakeholder Impact

• The distribution of shares could potentially increase the number of individual shareholders.
• The sale of shares by ICONIQ Strategic Partners II-B, L.P. could have a minor impact on the stock price.

Key Dates