Guggenheim Initiates Coverage on Procore Technologies (NYSE:PCOR)

Equities research analysts at Guggenheim assumed coverage on shares of Procore Technologies (NYSE:PCOR) in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $68.00 price target on the stock. Guggenheim’s target price points to a potential upside of 58.87% from the stock’s current price.

PCOR has been the subject of several other research reports. UBS Group decreased their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. TD Cowen dropped their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday. Barclays decreased their target price on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Finally, Piper Sandler lowered their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.47.

Procore Technologies Stock Up 4.2%

Procore Technologies stock opened at $42.80 on Thursday. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of -83.93 and a beta of 0.75. The company’s 50 day simple moving average is $44.49 and its 200 day simple moving average is $52.71. 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 fifty-two week low of $38.03 and a fifty-two week high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.23 EPS. As a group, sell-side analysts anticipate that Procore Technologies will post 0.06 EPS for the current year.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,775 shares of Procore Technologies stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the sale, the director directly owned 979,439 shares in the company, valued at $42,037,521.88. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 business’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their position. 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 a total of 189,621 shares of company stock valued at $8,791,847 in the last quarter. 16.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. Handelsbanken Fonder AB boosted its stake in shares of Procore Technologies by 145.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company’s stock worth $2,169,000 after buying an additional 31,600 shares during the last quarter. First Bank & Trust increased its position in shares of Procore Technologies by 62.1% in the second quarter. First Bank & Trust now owns 10,157 shares of the company’s stock valued at $413,000 after acquiring an additional 3,893 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Procore Technologies by 95.3% in 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 acquiring an additional 2,146,182 shares during the last quarter. Versant Capital Management Inc raised its holdings in Procore Technologies by 50.3% during the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after acquiring an additional 529 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in Procore Technologies during the first quarter worth about $563,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Company Profile

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.