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

Procore Technologies (NYSE:PCOR)‘s stock had its “buy” rating restated by research analysts at BTIG Research in a report released on Wednesday,Benzinga reports. They currently have a $66.00 target price on the stock. BTIG Research’s price target would indicate a potential upside of 15.71% from the stock’s current price.

Several other equities analysts also recently issued reports on the company. BMO Capital Markets cut their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Piper Sandler reduced their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Finally, Zacks Research downgraded Procore Technologies from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 17th. Seventeen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.05.

Procore Technologies Stock Up 1.7%

NYSE:PCOR opened at $57.04 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $82.32. The company has a market cap of $8.56 billion, a PE ratio of -85.13 and a beta of 0.90. The company’s 50 day moving average is $59.70 and its two-hundred day moving average is $68.37.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter last year, the company posted $0.01 earnings per share. The business’s quarterly revenue was up 15.6% on a year-over-year basis. Analysts anticipate that Procore Technologies will post -0.15 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $57.25, for a total transaction of $440,367.00. Following the sale, the director directly owned 1,004,444 shares of the company’s stock, valued at approximately $57,504,419. This trade represents a 0.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Howard Fu sold 814 shares of Procore Technologies stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.99, for a total value of $59,413.86. Following the transaction, the chief financial officer owned 178,237 shares of the company’s stock, valued at $13,009,518.63. The trade was a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 377,911 shares of company stock valued at $25,881,654 in the last three months. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after purchasing an additional 804,920 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Procore Technologies by 493.9% during the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP lifted its stake in shares of Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after purchasing an additional 315,604 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Procore Technologies by 76.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after buying an additional 137,171 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. 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.