Procore Technologies (NYSE:PCOR) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Procore Technologies (NYSE:PCOR) in a report published on Tuesday, Marketbeat Ratings reports. The firm issued an overweight rating and a $65.00 price target on the stock.

Other analysts have also issued research reports about the stock. Barclays increased their price target on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Guggenheim started coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. BTIG Research reaffirmed a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Friday, July 24th. Finally, Piper Sandler decreased their price target on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $70.12.

Procore Technologies Stock Down 0.5%

PCOR stock opened at $51.70 on Tuesday. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The business has a 50-day simple moving average of $54.38 and a 200 day simple moving average of $51.96. The company has a market cap of $7.86 billion, a PE ratio of -198.85 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period in the prior year, the company posted $0.35 earnings per share. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, analysts anticipate that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 3,943 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares in the company, valued at $5,507,078.85. This trade represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fleming, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the sale, the senior vice president directly owned 104,981 shares in the company, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 220,348 shares of company stock worth $11,591,165 over the last 90 days. 16.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. SJS Investment Consulting Inc. raised its position in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares during the last quarter. Twin Tree Management LP bought a new stake in Procore Technologies in the second quarter valued at approximately $40,000. Allworth Financial LP boosted 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. Global Retirement Partners LLC acquired a new stake in Procore Technologies during the 2nd quarter valued at approximately $52,000. Finally, Employees Retirement System of Texas acquired a new stake in Procore Technologies during the 4th quarter valued at approximately $54,000. 81.10% of the stock is currently owned by institutional investors.

About Procore Technologies

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.