Form 4: Procore Technologies CEO Craig Courtemanche Jr. Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Procore Technologies CEO Craig F. Courtemanche Jr. sold 22,483 shares of common stock on May 22, 2024, to cover tax withholding obligations related to the vesting of restricted stock units.
Summary
- On May 22, 2024, Craig F. Courtemanche Jr., CEO and President of Procore Technologies, Inc., sold 22,483 shares of common stock.
- The sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units.
- The shares were sold at a weighted average price of $70.17, with individual prices ranging from $69.67 to $70.67.
- Following the transaction, Courtemanche directly owns 866,718 shares of Procore Technologies common stock.
- Courtemanche also has indirect ownership through several trusts, including the Craig F. Courtemanche and Hillary Courtemanche Family Trust, the Courtemanche 2021 Irrevocable Trust, and The Courtemanche 2016 Irrevocable Trust, as well as shares held by his spouse.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The transaction is a routine sale to cover tax obligations, which is a common practice. It doesn't necessarily indicate a positive or negative outlook for the company.
Industry Context
Sales of shares by company executives are a common occurrence, often related to compensation and tax obligations. The market typically views these transactions in the context of the executive's overall holdings and the reasons for the sale.
Comparison to Industry Standards
- Executive stock sales to cover tax obligations are a standard practice across publicly traded companies.
- Monitoring insider transactions is a common practice among investors to gauge management's sentiment and confidence in the company's future prospects.
- Comparing Courtemanche's transactions to those of executives at similar companies like Autodesk or Oracle would provide a broader context.
Stakeholder Impact
- The sale has a minimal impact on shareholders as it is a small percentage of Courtemanche's overall holdings and is for tax purposes.
- Employees are not directly impacted by this transaction.
Key Dates
| Date | Description |
|---|---|
| 2012-11-01 | Date of Craig F. Courtemanche and Hillary Courtemanche Family Trust |
| 2016 | Year of The Courtemanche 2016 Irrevocable Trust |
| 2021-06-10 | Date of Courtemanche 2021 Irrevocable Trust |
| 2024-05-22 | Date of stock sale transaction |
| 2024-05-24 | Date of signature on the Form 4 |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.