Procore Technologies (NYSE:PCOR) Issues Earnings Results

Procore Technologies (NYSE:PCOR) issued its earnings results on Wednesday. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11), reports. Procore Technologies had a negative return on equity of 2.55% and a negative net margin of 6.59%. The company had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Procore Technologies Stock Performance

NYSE:PCOR opened at $65.66 on Friday. Procore Technologies has a 52 week low of $48.11 and a 52 week high of $83.35. The company has a fifty day simple moving average of $59.99 and a two-hundred day simple moving average of $63.94. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The company has a market cap of $9.70 billion, a price-to-earnings ratio of -131.32 and a beta of 0.73.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $62.88, for a total value of $322,448.64. Following the sale, the director now owns 1,345,464 shares of the company’s stock, valued at $84,602,776.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $62.88, for a total transaction of $322,448.64. Following the completion of the transaction, the director now owns 1,345,464 shares in the company, valued at approximately $84,602,776.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the sale, the director now owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,748 shares of company stock worth $5,661,056. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after buying an additional 175 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies in the third quarter worth $26,000. Signaturefd LLC boosted its stake in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares during the last quarter. International Assets Investment Management LLC boosted its position in Procore Technologies by 6,069.2% during the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after acquiring an additional 789 shares during the last quarter. Finally, Rothschild Investment LLC purchased a new stake in Procore Technologies in the 2nd quarter worth approximately $51,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PCOR shares. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Macquarie restated a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Robert W. Baird began coverage on Procore Technologies in a report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 price objective on the stock. Piper Sandler raised their target price on Procore Technologies from $63.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Barclays upped their price target on Procore Technologies from $64.00 to $66.00 and gave the company an “equal weight” rating in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.94.

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.