Procore Technologies (NYSE:PCOR) Issues Earnings Results

Procore Technologies (NYSE:PCOR) released its earnings results on Thursday. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02, FiscalAI reports. The company had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%.

Procore Technologies Price Performance

PCOR traded down $0.71 during trading hours on Thursday, hitting $47.93. The company’s stock had a trading volume of 3,931,565 shares, compared to its average volume of 2,514,500. The stock has a market cap of $7.45 billion, a price-to-earnings ratio of -57.06 and a beta of 0.89. The business’s 50-day moving average price is $68.26 and its 200-day moving average price is $70.14. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies has a 12 month low of $46.08 and a 12 month high of $88.92.

Insiders Place Their Bets

In related news, insider Benjamin C. Singer sold 4,204 shares of Procore Technologies stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $69.21, for a total value of $290,958.84. Following the completion of the transaction, the insider owned 75,676 shares in the company, valued at approximately $5,237,535.96. This trade represents a 5.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total value of $21,573,000.00. Following the sale, the chairman directly owned 677,796 shares in the company, valued at $48,740,310.36. The trade was a 30.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 616,392 shares of company stock worth $44,460,801. Insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. Wasatch Advisors LP raised its holdings in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after buying an additional 1,717,492 shares during the period. Wellington Management Group LLP grew its position in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after acquiring an additional 1,486,153 shares during the last quarter. Woodline Partners LP increased its stake in Procore Technologies by 173.1% in the third quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock worth $130,542,000 after purchasing an additional 1,134,657 shares during the period. DF Dent & Co. Inc. lifted its position in shares of Procore Technologies by 208.6% during the third quarter. DF Dent & Co. Inc. now owns 1,017,035 shares of the company’s stock worth $74,162,000 after purchasing an additional 687,424 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Procore Technologies by 101.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 904,812 shares of the company’s stock valued at $65,816,000 after purchasing an additional 456,349 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on PCOR. BTIG Research restated a “buy” rating and set a $88.00 target price on shares of Procore Technologies in a research note on Wednesday, December 17th. BMO Capital Markets decreased their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. Robert W. Baird upped their price objective on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Wall Street Zen upgraded Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, TD Cowen lowered their price target on Procore Technologies from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.15.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.