Procore Technologies’ (PCOR) Buy Rating Reaffirmed at BTIG Research

BTIG Research reiterated their buy rating on shares of Procore Technologies (NYSE:PCOR) in a report published on Friday morning,Benzinga reports. BTIG Research currently has a $66.00 target price on the stock.

PCOR has been the topic of several other research reports. 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. Guggenheim began coverage on Procore Technologies in a research note on Thursday. They set a “buy” rating and a $68.00 target price on the stock. Barclays reduced their price objective on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, July 13th. Jefferies Financial Group lowered their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group cut their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.47.

Procore Technologies Stock Performance

NYSE:PCOR opened at $42.80 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $6.46 billion, a P/E ratio of -83.93 and a beta of 0.75. The company has a fifty day moving average of $44.49 and a 200-day moving average of $52.71. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results 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 company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same period last year, the firm posted $0.23 earnings per share. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, sell-side analysts anticipate 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 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 transaction, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares in the company, valued at $42,037,521.88. The trade was a 0.59% 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 have sold a total of 189,621 shares of company stock valued at $8,791,847 over the last three months. 16.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PCOR. Brighton Jones LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at about $511,000. Goldman Sachs Group Inc. boosted its position in Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after acquiring an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake 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 during the period. Prudential Financial Inc. lifted its stake in shares of Procore Technologies by 56.8% in the 2nd 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 during the period. Finally, Russell Investments Group Ltd. boosted its position 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. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.