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

Kevin J. O'Connor, a director at Procore Technologies, sold shares of common stock between March 12 and March 14, 2025, 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 between March 12 and March 14, 2025.
• The transactions were executed under a 10b5-1 trading plan established on November 27, 2023.
• On March 12, 2025, O'Connor sold 3,353 shares at a weighted average price of $66.84 and 1,775 shares at a weighted average price of $67.6.
• On March 13, 2025, 5,128 shares were sold at a weighted average price of $68.04.
• On March 14, 2025, 5,128 shares were sold at a weighted average price of $67.41.
• Following these transactions, O'Connor indirectly owns 1,215,984 shares through the Kevin J. O'Connor Revocable Trust U/A DTD 06-13-19.
• O'Connor has granted a power of attorney to Benjamin Singer, Travis Shrout, and Ting Wang to handle SEC filings related to his stock transactions.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales under a pre-arranged plan, which is a common practice. There is no indication of positive or negative implications for the company's performance.

Industry Context

Insider sales are a common occurrence, and the use of 10b5-1 plans allows insiders to sell shares over time while avoiding accusations of trading on material non-public information. The market typically views these sales in the context of the overall trading volume and the company's performance.

Comparison to Industry Standards

• Comparing O'Connor's transactions to other directors in similar SaaS companies, the volume of shares sold is relatively small compared to his overall holdings.
• Other companies such as Autodesk, Oracle, and Salesforce also see regular insider trading activity, often through pre-arranged trading plans.
• The weighted average prices at which the shares were sold are within the typical trading range for PCOR during the period.

Stakeholder Impact

• The stock sales may have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely minimal given the relatively small volume and the pre-planned nature of the transactions.

Key Dates