Procore Technologies (NYSE:PCOR) Stock Rating Reaffirmed as Overweight by Cantor Fitzgerald

Procore Technologies (NYSE:PCOR)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They presently have a $65.00 target price on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 18.59% from the company’s previous close.

Several other research analysts also recently commented on PCOR. Guggenheim assumed coverage on Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price for the company. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. BTIG Research reissued a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. Zacks Research raised Procore Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 3rd. Finally, Jefferies Financial Group lowered their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.31.

Procore Technologies Price Performance

PCOR stock traded up $0.42 during midday trading on Monday, reaching $54.81. The company had a trading volume of 2,101,034 shares, compared to its average volume of 2,801,047. The company has a market capitalization of $8.33 billion, a price-to-earnings ratio of -210.82 and a beta of 0.78. The stock has a 50 day moving average price of $56.16 and a 200-day moving average price of $51.37. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32.

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

Insider Buying and Selling

In related news, SVP William Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the sale, the senior vice president directly owned 104,981 shares in the company, valued at $6,188,629.95. This represents a 8.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Elisa Steele sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the sale, the director owned 58,371 shares in the company, valued at $3,677,373. The trade was a 2.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 214,579 shares of company stock valued at $11,349,271 over the last three months. Insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

Several institutional investors have recently added to or reduced their stakes in the stock. Whetstone Capital Advisors LLC bought a new stake in Procore Technologies in the second quarter valued at approximately $1,990,000. Engineers Gate Manager LP bought a new stake in Procore Technologies in the second quarter valued at approximately $971,000. Squarepoint Ops LLC boosted its holdings in Procore Technologies by 21.6% in the second quarter. Squarepoint Ops LLC now owns 305,837 shares of the company’s stock valued at $12,423,000 after acquiring an additional 54,285 shares during the last quarter. Arizona State Retirement System boosted its holdings in Procore Technologies by 3.8% in the second quarter. Arizona State Retirement System now owns 32,098 shares of the company’s stock valued at $1,304,000 after acquiring an additional 1,162 shares during the last quarter. Finally, Nykredit A S bought a new stake in Procore Technologies in the second quarter valued at approximately $145,000. 81.10% of the stock is currently owned by 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.