Form 4: Procore Technologies CEO Craig Courtemanche Sells Shares Worth Millions

Procore Technologies CEO Craig Courtemanche Jr. sold shares of the company's common stock on March 8, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• On March 8, 2024, Craig F. Courtemanche Jr., CEO and President of Procore Technologies, sold shares of the company's common stock.
• The sales were executed under a pre-arranged 10b5-1 trading plan established on June 7, 2023.
• Courtemanche sold 100,000 shares at $80 per share.
• Additional sales of 7,000 shares and 3,000 shares were also executed at $80 per share as part of a block trade with prices ranging from $80.00 to $80.03.
• Following these transactions, Courtemanche directly owns 748,247 shares of Procore Technologies common stock.
• He also indirectly owns shares through family trusts and his spouse.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting insider trading activity. It is neutral in tone and does not inherently indicate positive or negative sentiment. The sales were pre-planned.

Risks

• Sales by insiders, even under 10b5-1 plans, can sometimes be perceived negatively by the market.

Industry Context

Insider sales are a common occurrence, especially for executives of publicly traded companies. These sales are often planned in advance to avoid accusations of trading on inside information. The use of a 10b5-1 plan provides a legal framework for insiders to sell shares over a period of time.

Stakeholder Impact

• The stock sale could have a minor negative impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates