Procore Technologies’ (PCOR) “Buy” Rating Reiterated at BTIG Research

BTIG Research reiterated their buy rating on shares of Procore Technologies (NYSE:PCOR) in a report published on Friday morning,Benzinga reports. They currently have a $66.00 target price on the stock.

A number of other equities research analysts also recently issued reports on PCOR. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Barclays cut their target price on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. Jefferies Financial Group cut their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Finally, TD Cowen lowered their price target on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.47.

Procore Technologies Stock Down 0.1%

Shares of Procore Technologies stock opened at $42.80 on Friday. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of -83.93 and a beta of 0.75. The stock’s 50-day moving average is $44.49 and its 200 day moving average is $52.57. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. Procore Technologies has a one year low of $38.03 and a one year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the prior year, the company posted $0.23 EPS. Procore Technologies’s revenue for the quarter was up 15.7% on a year-over-year basis. Equities research analysts anticipate that Procore Technologies will post 0.06 EPS for the current year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 5,775 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director owned 979,439 shares in the company, valued at $42,037,521.88. The trade was a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock worth $8,791,847 in the last ninety days. 16.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares during the last quarter. Wasatch Advisors LP increased its position in Procore Technologies by 6.8% in the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after buying an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Procore Technologies by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Procore Technologies by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after purchasing an additional 127,256 shares during the period. Institutional investors own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.