Procore Technologies (NYSE:PCOR) Coverage Initiated at Guggenheim

Research analysts at Guggenheim assumed coverage on shares of Procore Technologies (NYSE:PCOR) in a research note issued to investors on Thursday. The firm set a “buy” rating and a $68.00 price target on the stock. Guggenheim’s price target would suggest a potential upside of 63.04% from the stock’s current price.

PCOR has been the subject of several other reports. BTIG Research reaffirmed a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday. UBS Group decreased their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. TD Cowen lowered their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Finally, Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a research note on Wednesday, April 29th. Seventeen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $70.47.

Procore Technologies Trading Down 5.9%

Procore Technologies stock opened at $41.71 on Thursday. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -81.78 and a beta of 0.75. The business’s fifty day simple moving average is $44.67 and its two-hundred day simple moving average is $52.98. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share 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 net margin of 5.61% and a negative return on equity of 2.24%. Procore Technologies’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 earnings per share. As a group, equities analysts predict that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director owned 979,439 shares in the company, valued at $42,037,521.88. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 the firm’s stock in a transaction that occurred 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 completion of the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. 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 over the last three months. Insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Blue Owl Capital Holdings LP bought a new position in shares of Procore Technologies in the fourth quarter worth approximately $6,857,000. Robinhood Asset Management LLC bought a new stake in shares of Procore Technologies during the 4th quarter valued at $7,136,000. PNC Financial Services Group Inc. lifted its holdings in shares of Procore Technologies by 105.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock worth $3,332,000 after buying an additional 23,555 shares in the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Procore Technologies by 23.3% in the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock worth $30,960,000 after buying an additional 102,574 shares in the last quarter. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Procore Technologies during the first quarter worth $3,181,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.