Form 4: Procore Technologies Chief Legal Officer Sells Shares in Multiple Transactions

Procore Technologies' Chief Legal Officer, Benjamin C. Singer, sold a total of 10,928 shares of common stock in multiple transactions on November 21 and 22, 2024.

Summary

• Benjamin C. Singer, Chief Legal Officer and Secretary of Procore Technologies, Inc., reported the sale of 5,594 shares of common stock on November 21, 2024, at a weighted average price of $71.36.
• These shares were sold to cover tax withholding obligations related to the vesting of restricted stock units.
• On November 22, 2024, Mr. Singer sold an additional 3,329 shares at a weighted average price of $75.95 and 2,005 shares at a weighted average price of $76.78.
• These sales were executed under a pre-arranged 10b5-1 trading plan established on August 15, 2024.
• Following these transactions, Mr. Singer beneficially owns 86,039 shares of Procore Technologies common stock.
• Mr. Singer also acquired 155 shares through the company's employee stock purchase plan on November 15, 2024.

Sentiment

Score: 6

Explanation: The document reflects routine executive stock sales, which are generally neutral. The use of a 10b5-1 plan mitigates concerns about insider trading, but the volume of shares sold could cause minor negative sentiment.

Positives

• The sales on November 22 were executed under a pre-arranged 10b5-1 trading plan, which is a common practice for executives to avoid accusations of insider trading.
• Mr. Singer acquired 155 shares through the employee stock purchase plan, indicating continued investment in the company.

Negatives

• The sale of 10,928 shares by a high-ranking executive could be perceived negatively by some investors, although the sales were largely pre-planned.

Risks

• Executive stock sales, even when pre-planned, can sometimes create short-term downward pressure on the stock price.
• There is a risk that further sales by insiders could negatively impact investor sentiment.

Industry Context

Executive stock sales are a common occurrence in publicly traded companies, often related to compensation and diversification strategies. The use of 10b5-1 plans is a standard practice to avoid insider trading concerns.

Comparison to Industry Standards

• The use of 10b5-1 trading plans is a common practice among executives at publicly traded companies, including those in the technology sector like Procore Technologies.
• Similar sales are often seen at companies like Autodesk, Oracle, and Salesforce, where executives regularly sell shares for tax and diversification purposes.
• The weighted average prices achieved in these sales are within the typical range for executive transactions, reflecting the market price of the stock at the time of the sales.

Stakeholder Impact

• The stock sales could have a minor negative impact on shareholder sentiment in the short term.
• The sales do not directly impact employees, customers, or suppliers.

Key Dates

Keywords

Procore Technologies, Benjamin C. Singer, stock sale, insider trading, Form 4, 10b5-1 plan, executive compensation, equity incentive plans, employee stock purchase plan