BTIG Research Reaffirms “Buy” Rating for Procore Technologies (NYSE:PCOR)

Procore Technologies (NYSE:PCOR)‘s stock had its “buy” rating restated by research analysts at BTIG Research in a report issued on Friday,Benzinga reports. They presently have a $66.00 target price on the stock. BTIG Research’s target price would suggest a potential upside of 60.26% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Barclays cut their target price on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday. Finally, Jefferies Financial Group lowered their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.47.

Procore Technologies Trading Down 1.1%

Shares of NYSE:PCOR opened at $41.18 on Friday. The business’s 50-day moving average is $44.56 and its 200 day moving average is $52.78. 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 P/E ratio of -80.75 and a beta of 0.75.

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). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same period in the prior year, the business posted $0.23 EPS. Procore Technologies’s revenue was up 15.7% compared to the same quarter last year. On average, research analysts predict that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of the business’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 value of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the sale, the director directly owned 979,439 shares in the company, valued at approximately $42,037,521.88. The trade was a 0.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. SJS Investment Consulting Inc. grew its stake in 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 acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies during the third quarter valued at $34,000. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the fourth quarter valued at about $41,000. Allworth Financial LP increased its stake in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies during the fourth quarter worth about $54,000. 81.10% of the stock is owned by institutional investors and hedge funds.

About Procore Technologies

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.