Procore Technologies’ (PCOR) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Procore Technologies (NYSE:PCOR)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports. They currently have a $65.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 18.30% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. UBS Group boosted their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. BTIG Research reiterated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. Zacks Research raised Procore Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a report on Friday. Finally, BMO Capital Markets boosted their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $69.31.

Procore Technologies Trading Up 1.4%

NYSE PCOR traded up $0.77 during mid-day trading on Monday, hitting $54.95. The company’s stock had a trading volume of 1,089,532 shares, compared to its average volume of 2,797,845. The company’s 50 day simple moving average is $56.04 and its 200 day simple moving average is $51.40. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of -211.27 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies’s revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 EPS. As a group, research analysts forecast that Procore Technologies will post 0.41 EPS for the current year.

Insider Activity

In other news, Director Elisa Steele sold 1,500 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the transaction, the director directly owned 58,371 shares in the company, valued at $3,677,373. This trade represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig Courtemanche, Jr. sold 56,122 shares of Procore Technologies stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $53.48, for a total value of $3,001,404.56. Following the completion of the sale, the chairman owned 908,316 shares of the company’s stock, valued at $48,576,739.68. The trade was a 5.82% 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 three months, insiders sold 214,579 shares of company stock valued at $11,349,271. 16.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Argos Wealth Advisors LLC grew its position in shares of Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock valued at $294,000 after purchasing an additional 195 shares in the last quarter. Strs Ohio lifted its stake in Procore Technologies by 9.1% in the first quarter. Strs Ohio now owns 2,996 shares of the company’s stock worth $171,000 after purchasing an additional 251 shares during the last quarter. Corient Private Wealth LLC lifted its stake in Procore Technologies by 7.9% in the fourth quarter. Corient Private Wealth LLC now owns 5,302 shares of the company’s stock worth $387,000 after purchasing an additional 389 shares during the last quarter. SJS Investment Consulting Inc. lifted its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of Procore Technologies by 50.3% during the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after acquiring an additional 529 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.