Form 4: Procore Technologies Director Kevin J. O'Connor Sells Shares Under 10b5-1 Plan
SEC Form 4 Filing
Director Kevin J. O'Connor of Procore Technologies sold shares of common stock between March 6 and March 8, 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 between March 6 and March 8, 2024.
- The sales were executed under a pre-arranged 10b5-1 trading plan established on November 27, 2023.
- On March 6, 2024, 6,420 shares were sold at a weighted average price of $76.43, with prices ranging from $76.04 to $76.78.
- On March 7, 2024, 6,370 shares were sold at a weighted average price of $78.18, with prices ranging from $77.58 to $78.50, and an additional 40 shares were sold at $78.64.
- On March 8, 2024, 6,410 shares were sold at a weighted average price of $79.49, with prices ranging from $79.33 to $79.77.
- Following these transactions, Kevin J. O'Connor directly owns 10,696 shares and indirectly owns 1,513,541 shares through the Kevin J. O'Connor Revocable Trust U/A DTD 06-13-19.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document simply reports transactions under a pre-existing 10b5-1 plan, which is a normal course of business.
Industry Context
Sales by insiders are a common occurrence and are often pre-planned to avoid accusations of trading on inside information. The use of a 10b5-1 plan allows insiders to sell shares at predetermined times and prices.
Comparison to Industry Standards
- It is common for executives and directors of publicly traded companies, such as Procore Technologies, to utilize 10b5-1 trading plans to sell company stock.
- These plans are designed to comply with insider trading laws and provide a structured approach to selling shares over time.
- Comparable companies like Autodesk, Oracle, and Salesforce also see insider transactions, often through similar pre-arranged plans.
Stakeholder Impact
- The sale of shares by a director could be perceived negatively by some investors, but the existence of a 10b5-1 plan mitigates this concern.
Key Dates
| Date | Description |
|---|---|
| 06-13-19 | Date of the Kevin J. O'Connor Revocable Trust U/A DTD |
| 11/27/2023 | Date of the 10b5-1 plan |
| 03/06/2024 | Date of first transaction |
| 03/07/2024 | Date of second transaction |
| 03/08/2024 | Date of third transaction |
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