Procore Technologies (NYSE:PCOR) Research Coverage Started at Guggenheim

Guggenheim initiated coverage on shares of Procore Technologies (NYSE:PCOR) in a research note published on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $68.00 price target on the stock.

Several other brokerages have also weighed in on PCOR. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a report on Wednesday, April 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. UBS Group decreased their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies 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 on the stock in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.47.

Procore Technologies Stock Performance

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

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 earnings per share. 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 firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider directly owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% 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. Over the last 90 days, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by corporate insiders.

Institutional Trading of Procore Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PCOR. SJS Investment Consulting Inc. boosted its holdings in Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies in the 3rd quarter valued at about $34,000. V Square Quantitative Management LLC purchased a new stake in Procore Technologies in the 4th quarter valued at about $41,000. Allworth Financial LP lifted its position in shares of 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 buying an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies during the 4th quarter worth approximately $54,000. Hedge funds and other institutional investors 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.