Form 4: Procore CLO Sells Shares, Tax Withholding Reported

Procore Technologies' Chief Legal Officer, Benjamin C. Singer, reported the sale of 4,205 shares and the withholding of 5,596 shares for tax obligations.

Summary

• Benjamin C. Singer, Chief Legal Officer and Secretary of Procore Technologies, Inc. (PCOR), reported two transactions involving the company's common stock.
• On August 20, 2025, 5,596 shares were withheld by the Issuer at a price of $65.34 to satisfy tax obligations incurred by Mr. Singer upon the vesting of restricted stock units.
• On August 21, 2025, Mr. Singer sold 4,205 shares of common stock at a weighted average price of $63.67. The individual sale prices ranged from $63.34 to $63.905.
• The sale transaction was executed pursuant to a Rule 10b5-1 plan, which was established on August 15, 2024.
• Following these reported transactions, Mr. Singer directly beneficially owns 86,366 shares of Procore Technologies, Inc. common stock.

Sentiment

Score: 5

Explanation: A neutral score is assigned as Form 4 filings primarily report routine insider transactions. While an insider sale could be perceived negatively, the execution under a pre-arranged 10b5-1 plan mitigates concerns, indicating a planned disposition for personal financial management rather than a reaction to new, adverse information.

Positives

• The sale of shares was conducted under a pre-arranged Rule 10b5-1 plan, indicating a planned disposition for personal financial management rather than a reaction to recent market events or non-public information.

Negatives

• An insider, the Chief Legal Officer, disposed of a portion of their equity holdings in the company.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Insider selling, even under a 10b5-1 plan, is a routine event for executives managing personal finances and typically does not signal a change in company fundamentals. However, some investors may view any insider selling as a minor negative.

Key Dates

Recommendation

This filing details routine insider transactions, including shares withheld for tax obligations upon RSU vesting and a sale executed under a pre-arranged 10b5-1 plan. Such transactions are common for executives and are generally part of personal financial planning, not an indication of a significant shift in the company's operational or financial outlook. Therefore, based solely on this Form 4, a 'hold' recommendation is appropriate, as it does not provide sufficient new information to warrant a change in investment thesis.

Keywords

Procore Technologies, PCOR, Insider Trading, Form 4, Stock Sale, Benjamin C. Singer, Chief Legal Officer, 10b5-1 Plan, Tax Withholding