Procore Technologies (NYSE:PCOR) Shares Gap Up on Strong Earnings

Shares of Procore Technologies, Inc. (NYSE:PCOR) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $47.88, but opened at $52.45. Procore Technologies shares last traded at $53.9290, with a volume of 1,095,267 shares traded.

The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The business 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 earned $0.01 earnings per share. Procore Technologies’s revenue for the quarter was up 15.6% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PCOR. The Goldman Sachs Group lowered their price objective on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday. BTIG Research lowered their price target on Procore Technologies from $88.00 to $66.00 and set a “buy” rating for the company in a report on Friday. Barclays upgraded Procore Technologies from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $82.00 to $90.00 in a research report on Monday, January 5th. Canaccord Genuity Group lifted their target price on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Finally, William Blair reissued an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Seventeen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $81.05.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 4,204 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $69.21, for a total value of $290,958.84. Following the completion of the transaction, the insider owned 75,676 shares in the company, valued at $5,237,535.96. This trade represents a 5.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total transaction of $753,000.00. Following the completion of the transaction, the executive owned 184,128 shares of the company’s stock, valued at approximately $13,864,838.40. This trade represents a 5.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 616,392 shares of company stock valued at $44,460,801 over the last three months. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. US Bancorp DE boosted its stake in Procore Technologies by 5.5% in the 2nd quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after purchasing an additional 1,131 shares during the period. Principal Financial Group Inc. raised its position in shares of Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after buying an additional 360,207 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Procore Technologies in the third quarter worth $1,442,000. Federated Hermes Inc. boosted its position in shares of Procore Technologies by 17.0% during the second quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock worth $20,815,000 after acquiring an additional 44,105 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock worth $30,607,000 after acquiring an additional 99,706 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Up 11.3%

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $8.28 billion, a PE ratio of -63.41 and a beta of 0.89. The company’s 50 day moving average is $67.68 and its two-hundred day moving average is $69.99.

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.