Form 4: Procore Technologies Director Kevin J. O'Connor Sells Shares Under 10b5-1 Plan

Procore Technologies director Kevin J. O'Connor sold a total of 15,384 shares of common stock between November 11th and November 13th, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Kevin J. O'Connor, a director at Procore Technologies, sold shares of the company's common stock.
• The sales occurred over three days, from November 11th to November 13th, 2024.
• A total of 15,384 shares were sold during this period.
• The sales were executed under a pre-arranged 10b5-1 trading plan established on November 27, 2023.
• The prices at which the shares were sold ranged from $70.16 to $71.86 per share.
• The shares were sold in multiple transactions each day at varying prices.
• Following these transactions, Mr. O'Connor indirectly holds 1,330,080 shares through the Kevin J. O'Connor Revocable Trust.

Sentiment

Score: 5

Explanation: The document reflects routine insider trading activity under a pre-arranged plan, which is neither positive nor negative. It is a neutral event.

Risks

• The sales by a director could be perceived negatively by the market, potentially impacting the stock price.
• The use of a 10b5-1 plan suggests pre-planned sales, but the market may still react to the transactions.

Industry Context

Form 4 filings are a standard part of regulatory compliance for corporate insiders, and these transactions are not unusual. The use of a 10b5-1 plan is a common practice to avoid accusations of insider trading.

Comparison to Industry Standards

• Sales by insiders are common across the technology sector, especially when using pre-arranged 10b5-1 plans.
• Other technology companies such as Atlassian and Autodesk also see regular Form 4 filings from their directors and officers.
• The volume of shares sold is not unusual for a director's holdings in a company of Procore's size.

Stakeholder Impact

• Shareholders may react to the news of insider sales, although the pre-planned nature of the sales may mitigate any negative impact.
• The sales do not directly impact employees, customers, or suppliers.

Key Dates

Keywords

Procore Technologies, Kevin J. O'Connor, stock sale, 10b5-1 plan, insider trading, Form 4, director