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

Director Kevin J. O'Connor sold shares of Procore Technologies (PCOR) between June 11 and June 13, 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 June 11 and June 13, 2024.
• The sales were executed under a 10b5-1 trading plan established on November 27, 2023.
• On June 11, 2024, 5,128 shares were sold at a weighted average price of $65.76, with prices ranging from $65.27 to $66.22.
• On June 12, 2024, another 5,128 shares were sold at a weighted average price of $66.71, with prices ranging from $66.44 to $66.95.
• On June 13, 2024, a further 5,128 shares were sold at a weighted average price of $67.07, with prices ranging from $66.72 to $67.70.
• Following these transactions, O'Connor directly owns 13,583 shares and indirectly owns 1,463,543 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 insider trading activity under a pre-existing plan. It doesn't inherently indicate positive or negative prospects for the company.

Risks

• Sales by insiders can sometimes be perceived negatively by the market, potentially impacting the stock price.

Industry Context

Insider sales are a common occurrence in publicly traded companies and are often conducted under pre-arranged trading plans like the 10b5-1 plan to avoid accusations of trading on non-public information. The market typically analyzes these transactions to gauge insider sentiment.

Comparison to Industry Standards

• It is common for executives and directors at publicly traded companies, such as Procore Technologies, to utilize 10b5-1 trading plans to sell shares over time.
• These plans are designed to comply with insider trading regulations and allow insiders to diversify their holdings or meet financial obligations.
• Comparable companies like Autodesk, Oracle, and Salesforce also see regular insider trading activity, often through similar pre-arranged plans.

Stakeholder Impact

• Shareholders may react to the news of insider sales, although the impact is often mitigated when the sales are conducted under a pre-arranged plan.
• The sales do not directly impact employees, customers, suppliers, or creditors.

Key Dates