Procore Technologies (NYSE:PCOR) Receives “Buy” Rating from BTIG Research

Procore Technologies (NYSE:PCOR)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a research note issued on Wednesday,Benzinga reports. They currently have a $66.00 target price on the stock. BTIG Research’s target price indicates a potential upside of 14.81% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. UBS Group lowered their target price on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Zacks Research downgraded Procore Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. TD Cowen lifted their price target on Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Finally, Barclays decreased their target price on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $76.95.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $57.49 on Wednesday. The stock has a 50 day simple moving average of $60.36 and a 200-day simple moving average of $68.54. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The company has a market cap of $8.63 billion, a PE ratio of -85.80 and a beta of 0.90. Procore Technologies has a 12-month low of $46.08 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter in the prior year, the business posted $0.01 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities research analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.70, for a total value of $5,452,500.00. Following the completion of the transaction, the chairman directly owned 1,155,480 shares in the company, valued at $84,003,396. This trade represents a 6.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 4,225 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the sale, the insider owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 314,098 shares of company stock worth $22,229,482 over the last three months. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its holdings in shares of Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies during the third quarter valued at $34,000. Jones Financial Companies Lllp lifted its stake in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in Procore Technologies in the 4th quarter worth about $41,000. Finally, Allworth Financial LP boosted its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

About Procore Technologies

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.