Procore Technologies (NYSE:PCOR) Coverage Initiated by Analysts at Arete

Arete initiated coverage on shares of Procore Technologies (NYSE:PCOR) in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $91.00 target price on the stock.

A number of other analysts have also recently commented on PCOR. Jefferies Financial Group dropped their price objective on Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. 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 report on Thursday, April 24th. DA Davidson raised shares of Procore Technologies to a “hold” rating in a research note on Tuesday, May 13th. Stifel Nicolaus lowered their target price on shares of Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. cut their price target on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $80.83.

Procore Technologies Stock Up 2.3%

Shares of NYSE PCOR opened at $65.65 on Monday. The firm’s 50-day moving average is $65.22 and its two-hundred day moving average is $71.86. The company has a market capitalization of $9.79 billion, a PE ratio of -91.18 and a beta of 0.90. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. The firm had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 EPS. Equities analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, CFO Howard Fu sold 1,447 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $68.79, for a total transaction of $99,539.13. Following the transaction, the chief financial officer now directly owns 144,713 shares of the company’s stock, valued at approximately $9,954,807.27. The trade was a 0.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 4,203 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $68.91, for a total transaction of $289,628.73. Following the completion of the sale, the insider now directly owns 102,057 shares of the company’s stock, valued at $7,032,747.87. This trade represents a 3.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,035 shares of company stock valued at $2,334,921 over the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in shares of Procore Technologies by 9.6% during the first quarter. Rhumbline Advisers now owns 154,541 shares of the company’s stock worth $10,203,000 after acquiring an additional 13,534 shares during the last quarter. Ellsworth Advisors LLC grew its stake in Procore Technologies by 6.5% during the 1st quarter. Ellsworth Advisors LLC now owns 8,900 shares of the company’s stock valued at $588,000 after purchasing an additional 545 shares in the last quarter. Advisors Capital Management LLC increased its holdings in Procore Technologies by 8.1% during the 1st quarter. Advisors Capital Management LLC now owns 155,369 shares of the company’s stock worth $10,257,000 after purchasing an additional 11,590 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Procore Technologies by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after purchasing an additional 52,507 shares in the last quarter. Finally, Fred Alger Management LLC boosted its stake in shares of Procore Technologies by 15.4% during the 1st quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock valued at $2,532,000 after buying an additional 5,129 shares during 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.