Form 4: Procore Technologies Director Elisa Steele Sells Shares Under 10b5-1 Plan

Director Elisa Steele sold 6,180 shares of Procore Technologies (PCOR) common stock at an average price of $80.01 on March 8, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• On March 8, 2024, Elisa Steele, a director of Procore Technologies, sold 6,180 shares of common stock.
• The sale was executed at a weighted average price of $80.01 per share.
• The transactions were part of a pre-arranged trading plan under Rule 10b5-1, established on September 14, 2023.
• Following the sale, Steele directly owns 55,010 shares of Procore Technologies.
• The shares were sold in multiple transactions at prices ranging from $80.00 to $80.06.

Sentiment

Score: 5

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

Industry Context

Sales by company insiders are a common occurrence and are often pre-planned to avoid accusations of insider trading. The market typically views sales by insiders with caution, but the existence of a 10b5-1 plan suggests the transactions were pre-arranged and not based on current, non-public information.

Stakeholder Impact

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

Key Dates