BTIG Research Reaffirms Buy Rating for Procore Technologies (NYSE:PCOR)

Procore Technologies (NYSE:PCOR)‘s stock had its “buy” rating reiterated by stock analysts at BTIG Research in a research note issued on Friday,Benzinga reports. They currently have a $66.00 price target on the stock. BTIG Research’s target price points to a potential upside of 54.19% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. Jefferies Financial Group dropped their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday. Guggenheim initiated coverage on shares of Procore Technologies in a report on Thursday. They issued a “buy” rating and a $68.00 price objective for the company. 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 research report on Wednesday, May 6th. Finally, TD Cowen cut their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.47.

Procore Technologies Stock Up 4.2%

Shares of NYSE PCOR 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 company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The business’s 50 day moving average is $44.49 and its two-hundred day moving average is $52.71.

Procore Technologies (NYSE:PCOR) last released its quarterly 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). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The company’s quarterly revenue was up 15.7% on a year-over-year basis. Research analysts predict that Procore Technologies will post 0.06 EPS for the current year.

Insider Buying and Selling

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. The trade was a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 over the last 90 days. 16.80% of the stock is owned by insiders.

Institutional Trading of Procore Technologies

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Procore Technologies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after acquiring an additional 804,920 shares in the last quarter. Wasatch Advisors LP lifted its stake in Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake 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 worth $178,653,000 after purchasing an additional 2,146,182 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Procore Technologies by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Procore Technologies by 3.9% in the fourth 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 in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.