Procore Technologies (NYSE:PCOR) Coverage Initiated at TD Cowen

TD Cowen started coverage on shares of Procore Technologies (NYSE:PCOR) in a report issued on Wednesday, Benzinga reports. The firm issued a buy rating and a $85.00 price target on the stock.

A number of other analysts have also weighed in on PCOR. The Goldman Sachs Group raised their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a buy rating in a research note on Friday, February 16th. JPMorgan Chase & Co. raised their price target on shares of Procore Technologies from $83.00 to $86.00 and gave the company an overweight rating in a report on Thursday, May 2nd. BMO Capital Markets reaffirmed an outperform rating and set a $85.00 price target on shares of Procore Technologies in a report on Tuesday, June 11th. Barclays dropped their price target on shares of Procore Technologies from $83.00 to $78.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Finally, Macquarie started coverage on shares of Procore Technologies in a report on Wednesday, June 5th. They set a neutral rating and a $70.00 price target on the stock. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $80.94.

Procore Technologies Stock Down 4.1 %

Shares of Procore Technologies stock opened at $63.92 on Wednesday. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of -66.58 and a beta of 0.76. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. Procore Technologies has a 1 year low of $48.11 and a 1 year high of $83.35. The company has a 50-day moving average of $69.42 and a 200 day moving average of $71.11.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. The business had revenue of $269.43 million during the quarter, compared to analyst estimates of $263.13 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. As a group, sell-side analysts anticipate that Procore Technologies will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 1,457 shares of Procore Technologies stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.19, for a total transaction of $118,293.83. Following the transaction, the chief financial officer now owns 137,237 shares of the company’s stock, valued at $11,142,272.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Procore Technologies news, CFO Howard Fu sold 1,457 shares of Procore Technologies stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.19, for a total transaction of $118,293.83. Following the transaction, the chief financial officer now owns 137,237 shares of the company’s stock, valued at $11,142,272.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $81.30, for a total transaction of $5,528,400.00. Following the transaction, the chief executive officer now directly owns 531,399 shares in the company, valued at approximately $43,202,738.70. The disclosure for this sale can be found here. Insiders have sold 301,859 shares of company stock valued at $21,684,405 over the last 90 days. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. Cerity Partners LLC raised its position in shares of Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after buying an additional 1,303,804 shares during the last quarter. Meritage Group LP bought a new stake in shares of Procore Technologies during the first quarter valued at approximately $106,738,000. William Blair Investment Management LLC bought a new stake in shares of Procore Technologies during the first quarter valued at approximately $91,158,000. Vanguard Group Inc. increased its position in Procore Technologies by 13.2% in the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after purchasing an additional 995,757 shares during the last quarter. Finally, Norges Bank bought a new stake in Procore Technologies in the fourth quarter worth $68,005,000. 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.