Procore Technologies (NYSE:PCOR) Releases Earnings Results, Beats Expectations By $0.06 EPS

Procore Technologies (NYSE:PCOR) posted its quarterly earnings data on Wednesday. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06, FiscalAI reports. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million.

Procore Technologies Price Performance

Shares of PCOR stock traded up $1.31 during trading hours on Wednesday, hitting $50.15. The company had a trading volume of 4,100,166 shares, compared to its average volume of 2,667,983. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of -98.33 and a beta of 0.75. The firm’s fifty day moving average is $44.49 and its 200 day moving average is $52.19. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Piper Sandler cut their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. BTIG Research reaffirmed a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. Finally, TD Cowen decreased their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $69.59.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 5,775 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the sale, the director owned 979,439 shares of the company’s stock, valued at $42,037,521.88. The trade was a 0.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. This trade represents a 5.75% 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 sold 189,621 shares of company stock worth $8,791,847 in the last 90 days. 16.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently made changes to their positions in the company. Invesco Ltd. lifted its holdings in Procore Technologies by 9.7% during the 4th quarter. Invesco Ltd. now owns 132,034 shares of the company’s stock valued at $9,604,000 after purchasing an additional 11,673 shares during the last quarter. Corient Private Wealth LLC grew its stake in Procore Technologies by 7.9% during the fourth quarter. Corient Private Wealth LLC now owns 5,302 shares of the company’s stock worth $387,000 after buying an additional 389 shares during the last quarter. Vident Advisory LLC increased its holdings in shares of Procore Technologies by 6.0% during the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock worth $281,000 after buying an additional 219 shares in the last quarter. XN LP increased its holdings in shares of Procore Technologies by 0.5% during the fourth quarter. XN LP now owns 2,323,031 shares of the company’s stock worth $168,977,000 after buying an additional 11,481 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Procore Technologies in the 4th quarter worth approximately $4,779,000. 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.