Form 4: Procore Technologies' Chief Legal Officer Sells Shares Under 10b5-1 Plan

Benjamin C. Singer, Chief Legal Officer and Secretary of Procore Technologies, Inc., sold a portion of his holdings under a pre-arranged 10b5-1 trading plan.

Summary

• On May 1, 2024, Benjamin C. Singer, the Chief Legal Officer and Secretary of Procore Technologies, Inc., sold shares of common stock.
• The sales were executed under a pre-arranged trading plan pursuant to Rule 10b5-1, which was established on September 8, 2023.
• A total of 2,000 shares were sold at a price of $68.58 per share, and 1,000 shares were sold at $70 per share.
• Following these transactions, Singer directly owns 122,321 shares of Procore Technologies' common stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports the sale of shares under a pre-existing 10b5-1 plan. It doesn't inherently indicate positive or negative sentiment about the company's future prospects.

Industry Context

Insider sales are a common occurrence, and the use of a 10b5-1 plan suggests the sales were pre-planned and not based on any specific non-public information. Investors often monitor insider transactions for signals about a company's prospects, but sales under a 10b5-1 plan are generally viewed as less informative.

Stakeholder Impact

• The sale of shares by a high-ranking officer could be perceived negatively by some shareholders, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates