Procore Technologies (NYSE:PCOR) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Procore Technologies (NYSE:PCOR) issued its quarterly earnings results on Thursday. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02, FiscalAI reports. The company had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%.

Procore Technologies Trading Down 1.5%

Shares of Procore Technologies stock traded down $0.71 on Thursday, hitting $47.93. The stock had a trading volume of 3,941,532 shares, compared to its average volume of 2,536,058. The stock has a 50 day moving average of $68.26 and a 200 day moving average of $70.14. The firm has a market capitalization of $7.45 billion, a P/E ratio of -57.06 and a beta of 0.89. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PCOR. William Blair restated an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. KeyCorp dropped their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Robert W. Baird lifted their target price on Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Finally, BMO Capital Markets decreased their price target on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $82.15.

Insider Activity

In related news, Director William J.G. Griffith sold 207,474 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the sale, the director owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. The trade was a 6.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $64.31, for a total value of $494,672.52. Following the completion of the sale, the director owned 1,035,212 shares of the company’s stock, valued at $66,574,483.72. The trade was a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 616,392 shares of company stock worth $44,460,801. Company insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC bought a new position in shares of Procore Technologies during the fourth quarter worth about $511,000. Goldman Sachs Group Inc. raised its holdings in Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Procore Technologies by 17.6% during 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 worth $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. lifted its position 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 worth $471,000 after purchasing an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of Procore Technologies by 3.8% in the 2nd 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 during the last quarter. 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.