Form 4: Procore Technologies CEO Craig Courtemanche Jr. Sells Shares Under 10b5-1 Plan
SEC Form 4
Procore Technologies CEO Craig F. Courtemanche Jr. reports the sale of company stock through a pre-arranged 10b5-1 trading plan.
Summary
- Craig F. Courtemanche Jr., CEO and President of Procore Technologies, Inc., reported the sale of PCOR shares on April 1, 2024.
- The sales were executed under a pre-arranged 10b5-1 trading plan established on June 7, 2023.
- A total of 67,992 shares were sold at prices ranging from $80.78 to $82.31.
- Courtemanche also acquired 140,954 shares of common stock upon settlement of restricted stock units on March 29, 2024.
- Following these transactions, Courtemanche directly owns 889,201 shares and indirectly owns shares through various trusts and his spouse.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The document simply reports insider trading activity under a pre-arranged plan, which is not inherently positive or negative.
Positives
- The sales were executed under a pre-arranged 10b5-1 trading plan, which is a legal and transparent way for insiders to sell shares.
Risks
- Insider selling, even under a 10b5-1 plan, can sometimes be perceived negatively by investors.
Future Outlook
The document does not contain any specific forward-looking statements or guidance.
Industry Context
Insider trading activity is always closely watched in the tech industry, especially for high-growth companies like Procore. Sales under 10b5-1 plans are common and generally viewed as less concerning than unplanned sales.
Comparison to Industry Standards
- Comparing Courtemanche's trading activity to other SaaS company CEOs, it's important to consider the size of the sales relative to their overall holdings.
- For example, CEOs of companies like Atlassian or Datadog also utilize 10b5-1 plans, and their sales are often a small percentage of their total ownership.
- The key is whether the sales are perceived as a lack of confidence in the company's future prospects, which is less likely when conducted under a pre-arranged plan.
Stakeholder Impact
- The stock sales could have a minor impact on shareholder sentiment, but the existence of a 10b5-1 plan mitigates potential concerns.
- Employees may be interested in insider trading activity as it can reflect management's confidence in the company.
Key Dates
| Date | Description |
|---|---|
| 2012-11-01 | Date of the Craig F. Courtemanche and Hillary Courtemanche Family Trust |
| 2021-06-10 | Date of the Courtemanche 2021 Irrevocable Trust UA DTD |
| 2023-06-07 | Date of 10b5-1 plan |
| 2024-02-20 | First Company Vesting Date for RSUs |
| 2024-03-29 | Date of RSU settlement resulting in acquisition of 140,954 shares |
| 2024-04-01 | Date of stock sales under 10b5-1 plan |
| 2024-04-02 | Date of Form 4 filing |
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