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

Guggenheim initiated coverage on shares of Procore Technologies (NYSE:PCOR) in a research note issued to investors on Thursday morning, MarketBeat reports. The firm issued a buy rating and a $68.00 price objective on the stock.

Several other research analysts have also commented on PCOR. Piper Sandler decreased their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. BTIG Research reissued a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Wednesday, May 6th. UBS Group reduced their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. Finally, Jefferies Financial Group lowered their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.47.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $41.18 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies has a one year low of $38.03 and a one year high of $82.32. The company’s 50-day simple moving average is $44.56 and its 200-day simple moving average is $52.78. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of -80.75 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same period in the prior year, the firm earned $0.23 earnings per share. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. Equities analysts anticipate that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 Procore Technologies stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock worth $8,791,847 in the last ninety days. 16.80% of the stock is owned by insiders.

Institutional Trading of Procore Technologies

Several large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC acquired a new position in Procore Technologies during the 4th quarter worth $511,000. Goldman Sachs Group Inc. increased its holdings in shares of Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Procore Technologies by 17.6% during the first 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 during the period. Prudential Financial Inc. raised its stake in shares of Procore Technologies by 56.8% during the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after purchasing an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares in the last quarter. 81.10% of the stock is currently 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. 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.