Procore Technologies (NYSE:PCOR) Coverage Initiated at Arete

Arete began coverage on shares of Procore Technologies (NYSE:PCOR) in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $91.00 price target on the stock. Arete’s price objective would suggest a potential upside of 36.31% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank lowered their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating for the company in a research report on Thursday, April 24th. Barclays upped their target price on Procore Technologies from $70.00 to $72.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. DA Davidson raised Procore Technologies to a “hold” rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. decreased their price objective on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Finally, Piper Sandler cut their target price on Procore Technologies from $110.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $80.83.

Procore Technologies Stock Up 1.7%

Shares of NYSE PCOR opened at $66.76 on Monday. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $88.92. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of -77.63 and a beta of 0.90. The stock has a 50 day moving average price of $65.28 and a 200 day moving average price of $71.82. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $310.63 million during the quarter, compared to analysts’ expectations of $302.66 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.30 EPS. Sell-side analysts expect that Procore Technologies will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Iconiq Strategic Partners Iv, sold 116,365 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $7,535,797.40. Following the sale, the insider now owns 1,893,458 shares in the company, valued at $122,620,340.08. This represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J.G. Griffith sold 309,168 shares of Procore Technologies stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $20,021,719.68. Following the transaction, the director now owns 1,893,458 shares of the company’s stock, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 653,371 shares of company stock valued at $42,378,360. 29.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PCOR. Brighton Jones LLC purchased a new position in shares of Procore Technologies during the 4th quarter valued at approximately $511,000. V Square Quantitative Management LLC grew its position in Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after buying an additional 162 shares during the period. Principal Financial Group Inc. increased its holdings in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of Procore Technologies by 24.2% in the fourth quarter. Sanctuary Advisors LLC now owns 4,561 shares of the company’s stock worth $365,000 after acquiring an additional 889 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in shares of Procore Technologies by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 4,438 shares of the company’s stock worth $333,000 after acquiring an additional 234 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.