William Blair Reiterates Outperform Rating for Procore Technologies (NYSE:PCOR)

Procore Technologies (NYSE:PCOR)‘s stock had its “outperform” rating reiterated by equities researchers at William Blair in a research note issued on Friday,RTT News reports.

A number of other research analysts also recently issued reports on PCOR. Robert W. Baird increased their price objective on Procore Technologies from $83.00 to $88.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a report on Wednesday, October 8th. Piper Sandler reiterated an “overweight” rating and set a $82.00 price objective on shares of Procore Technologies in a report on Tuesday, October 14th. Barclays increased their price objective on Procore Technologies from $72.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, July 14th. Finally, Berenberg Bank assumed coverage on Procore Technologies in a report on Friday, October 3rd. They set a “buy” rating and a $84.00 price objective for the company. Fifteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $83.11.

Procore Technologies Stock Down 1.0%

Shares of Procore Technologies stock opened at $69.89 on Friday. Procore Technologies has a 1 year low of $53.71 and a 1 year high of $88.92. The business has a 50-day moving average of $69.78 and a two-hundred day moving average of $67.86. The company has a market capitalization of $10.50 billion, a P/E ratio of -72.80 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The business had revenue of $172.21 million during the quarter. As a group, equities analysts predict that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 4,205 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the transaction, the insider directly owned 86,366 shares in the company, valued at approximately $5,498,923.22. The trade was a 4.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $70.56, for a total value of $542,747.52. Following the transaction, the director owned 1,115,637 shares of the company’s stock, valued at $78,719,346.72. This represents a 0.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 32,114 shares of company stock worth $2,228,405. 21.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cooper Investors PTY Ltd. boosted its stake in shares of Procore Technologies by 29.7% during the 3rd quarter. Cooper Investors PTY Ltd. now owns 95,315 shares of the company’s stock worth $6,950,000 after acquiring an additional 21,802 shares during the period. Inspire Investing LLC bought a new position in shares of Procore Technologies during the 3rd quarter worth approximately $300,000. Farther Finance Advisors LLC boosted its stake in shares of Procore Technologies by 304.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,537 shares of the company’s stock worth $112,000 after acquiring an additional 1,157 shares during the period. Curated Wealth Partners LLC boosted its stake in Procore Technologies by 12.7% in the 3rd quarter. Curated Wealth Partners LLC now owns 3,367 shares of the company’s stock valued at $246,000 after purchasing an additional 379 shares during the period. Finally, Hilltop National Bank boosted its stake in Procore Technologies by 65.6% in the 3rd quarter. Hilltop National Bank now owns 1,492 shares of the company’s stock valued at $109,000 after purchasing an additional 591 shares during the period. 81.10% of the stock is currently owned by institutional investors.

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.