Form 4: Procore Technologies Director Kevin J. O'Connor Sells Shares Under 10b5-1 Plan
SEC Form 4
Director Kevin J. O'Connor sold shares of Procore Technologies (PCOR) between September 17 and September 19, 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 on September 17, 18, and 19, 2024.
- The transactions were executed under a pre-arranged 10b5-1 trading plan established on November 27, 2023.
- On September 17, 2024, 8,974 shares were sold at a weighted average price of $58.06, with prices ranging from $57.91 to $58.24.
- On September 18, 2024, 5,128 shares were sold at a weighted average price of $56.94, with prices ranging from $56.70 to $57.18.
- On September 19, 2024, 5,128 shares were sold at a weighted average price of $58.48, with prices ranging from $58.17 to $58.65.
- Following these transactions, O'Connor directly owns 13,583 shares and indirectly owns 1,360,848 shares through the Kevin J. O'Connor Revocable Trust U/A DTD 06-13-19.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating insider trading activity. The sentiment is neutral as it simply reports transactions without expressing any opinion or forward-looking statements.
Industry Context
Sales by insiders are a common occurrence, especially when executed under pre-arranged trading plans like the 10b5-1 plan, which allows insiders to sell shares at predetermined times to avoid accusations of trading on non-public information. It is important to consider the size of the sale relative to the insider's total holdings.
Stakeholder Impact
- The sale of shares by a director could be perceived negatively by some shareholders, potentially leading to a slight decrease in investor confidence.
Key Dates
| Date | Description |
|---|---|
| 2019-06-13 | Date of the Kevin J. O'Connor Revocable Trust U/A DTD |
| 2023-11-27 | Date of the 10b5-1 plan |
| 2024-09-17 | Date of first reported transaction |
| 2024-09-18 | Date of second reported transaction |
| 2024-09-19 | Date of third reported transaction |
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