Procore Technologies (NYSE:PCOR) Earns “Overweight” Rating from Cantor Fitzgerald

Procore Technologies (NYSE:PCOR)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $65.00 target price on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 19.06% from the stock’s previous close.

PCOR has been the subject of several other reports. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. BMO Capital Markets increased their price target on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research report on Friday. Zacks Research upgraded 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 on the stock in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $69.31.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $54.59 on Monday. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of -208.37 and a beta of 0.78. The stock’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.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating 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 business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the previous year, the firm earned $0.35 EPS. Procore Technologies’s quarterly revenue was up 15.8% on a year-over-year basis. On average, analysts forecast that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm’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 transaction, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. This trade represents a 8.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Singer sold 3,943 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the transaction, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have 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

Hedge funds have recently modified their holdings of the company. SJS Investment Consulting Inc. boosted its holdings in shares of Procore Technologies by 7,100.0% during 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 in the last quarter. Twin Tree Management LP acquired a new stake in shares of Procore Technologies during the 2nd quarter valued at $40,000. Root Financial Partners LLC lifted its holdings in Procore Technologies by 11,150.0% during the 1st quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock worth $64,000 after buying an additional 1,115 shares during the period. Global Retirement Partners LLC acquired a new position in Procore Technologies during the 2nd quarter worth about $52,000. Finally, Versant Capital Management Inc lifted its holdings in Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after buying an additional 529 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.