Form 4: Procore Technologies Executive Sells Shares to Cover Tax Obligations and Under 10b5-1 Plan

Steven Scott Davis, President of Product & Technology at Procore Technologies, sold shares to cover tax obligations and pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• On February 20, 2025, Steven Scott Davis, President of Product & Technology at Procore Technologies, had 6,289 shares withheld by the issuer to cover tax obligations upon vesting of restricted stock units.
• On February 21, 2025, Davis sold 8,299 shares of common stock at a weighted average price of $83.37, with prices ranging from $82.89 to $83.74.
• Also on February 21, 2025, Davis sold 3,078 shares of common stock at a weighted average price of $84.21, with prices ranging from $83.89 to $84.44.
• These sales were executed under a 10b5-1 trading plan established on March 15, 2024.
• Following these transactions, Davis directly owns 156,793 shares of Procore Technologies common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing simply reports routine transactions related to tax obligations and a pre-existing trading plan. There's no indication of positive or negative implications for the company's performance.

Industry Context

Insider sales are a common occurrence, especially when tied to pre-arranged trading plans like 10b5-1 plans. These plans allow insiders to sell shares over a period of time without being accused of trading on non-public information. The market typically views these sales as routine unless the scale is unusually large or coincides with negative news.

Comparison to Industry Standards

• Comparing Steven Scott Davis's transactions to other executives in similar SaaS companies, the scale of the sales appears to be within a normal range for covering tax obligations and executing pre-planned diversification strategies.
• For example, executives at companies like Atlassian and Autodesk also routinely use 10b5-1 plans to manage their equity positions.
• The weighted average prices of $83.37 and $84.21 are within the recent trading range of PCOR, suggesting the sales did not significantly disrupt the market.

Stakeholder Impact

• The share sales may have a minor dilutive effect on existing shareholders, but the impact is likely minimal given the relatively small number of shares involved.
• Employees holding Procore stock may be interested in the trading activity of company executives.

Key Dates

Keywords

Form 4, Procore Technologies, PCOR, Steven Scott Davis, 10b5-1 plan, share sale, insider trading, President Product & Technology