Procore Technologies’ (PCOR) “Buy” Rating Reiterated at BTIG Research

BTIG Research reiterated their buy rating on shares of Procore Technologies (NYSE:PCOR) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $66.00 price target on the stock.

Several other equities research analysts have also recently issued reports on PCOR. Canaccord Genuity Group cut their price target on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Piper Sandler dropped their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Barclays cut their target price on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. UBS Group reduced their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Finally, Zacks Research cut Procore Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. Seventeen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $77.05.

Procore Technologies Price Performance

NYSE:PCOR opened at $57.13 on Wednesday. Procore Technologies has a 52 week low of $46.08 and a 52 week high of $82.32. The firm has a market cap of $8.58 billion, a price-to-earnings ratio of -85.27 and a beta of 0.90. The firm’s 50-day simple moving average is $59.45 and its 200 day simple moving average is $68.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same quarter in the previous year, the firm posted $0.01 EPS. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, sell-side analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In related news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of Procore Technologies stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.70, for a total transaction of $5,452,500.00. Following the sale, the chairman directly owned 1,155,480 shares of the company’s stock, valued at approximately $84,003,396. The trade was a 6.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 814 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total transaction of $59,413.86. Following the transaction, the chief financial officer owned 178,237 shares of the company’s stock, valued at approximately $13,009,518.63. This represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 377,911 shares of company stock valued at $25,881,654. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC increased its holdings in shares of Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies during the 3rd quarter valued at $34,000. Jones Financial Companies Lllp boosted its holdings in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the 4th quarter worth $41,000. Finally, Allworth Financial LP grew its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

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. 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.