Procore Technologies (NYSE:PCOR) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Procore Technologies (NYSE:PCOR) in a report issued on Monday morning,Benzinga reports. They currently have a $65.00 target price on the stock.

PCOR has been the subject of a number of other reports. Guggenheim started coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective for the company. UBS Group increased their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Zacks Research upgraded shares of Procore Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 3rd. Jefferies Financial Group reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Finally, DA Davidson set a $56.00 price objective on shares of Procore Technologies in a report on Monday, September 28th. Two research 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.31.

Procore Technologies Stock Performance

PCOR opened at $54.13 on Monday. The stock has a market capitalization of $8.23 billion, a PE ratio of -208.21 and a beta of 0.78. Procore Technologies has a one year low of $38.03 and a one year high of $82.32. The business’s 50 day moving average price is $56.04 and its 200 day moving average price is $51.40.

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

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 3,943 shares of Procore Technologies stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the sale, the insider directly owned 86,931 shares of the company’s stock, valued at $5,507,078.85. The trade was a 4.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s 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 transaction, the chairman directly owned 908,316 shares of the company’s stock, valued at approximately $48,576,739.68. This represents 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. In the last three months, insiders sold 214,579 shares of company stock worth $11,349,271. 16.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Procore Technologies in the second quarter valued at $300,345,000. Deutsche Bank AG purchased a new position in shares of Procore Technologies during the second quarter worth about $114,444,000. Assenagon Asset Management S.A. increased its position in shares of Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. Bamco Inc. NY purchased a new stake in shares of Procore Technologies in the 2nd quarter valued at about $62,116,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock valued at $115,170,000 after purchasing an additional 1,240,247 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Procore Technologies

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.