Procore Technologies (NYSE:PCOR) Given “Buy” Rating at BTIG Research

Procore Technologies (NYSE:PCOR)‘s stock had its “buy” rating reiterated by stock analysts at BTIG Research in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $66.00 target price on the stock. BTIG Research’s price objective points to a potential upside of 60.26% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Guggenheim assumed coverage on shares of Procore Technologies in a report on Thursday. They set a “buy” rating and a $68.00 target price for the company. The Goldman Sachs Group decreased their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a research report on Wednesday, April 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Finally, Jefferies Financial Group cut their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $41.18 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The firm has a market capitalization of $6.21 billion, a PE ratio of -80.75 and a beta of 0.75. The business’s 50 day moving average price is $44.56 and its 200-day moving average price is $52.78.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 earnings per share. As a group, equities research analysts expect that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies 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 owned 919,704 shares in the company, valued at $40,375,005.60. The trade was a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock valued at $8,791,847 in the last three months. 16.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. SJS Investment Consulting Inc. grew its stake in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies during the 3rd quarter valued at approximately $34,000. V Square Quantitative Management LLC acquired a new position in Procore Technologies in the fourth quarter valued at approximately $41,000. Allworth Financial LP lifted its holdings in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas purchased a new position in Procore Technologies in the fourth quarter worth approximately $54,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.