Procore Technologies (NYSE:PCOR) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Procore Technologies (NYSE:PCOR) released its earnings results on Wednesday. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05, FiscalAI reports. The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period last year, the firm posted $0.35 earnings per share.

Procore Technologies Stock Up 3.7%

Shares of NYSE:PCOR traded up $1.98 during midday trading on Friday, hitting $55.77. 2,020,076 shares of the stock were exchanged, compared to its average volume of 2,696,483. The company has a market capitalization of $8.42 billion, a PE ratio of -214.63 and a beta of 0.75. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The business’s fifty day simple moving average is $44.69 and its two-hundred day simple moving average is $51.89.

Analyst Ratings Changes

PCOR has been the topic of several recent analyst reports. TD Cowen cut their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday. Jefferies Financial Group lowered their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. The Goldman Sachs Group decreased their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Finally, BTIG Research reaffirmed a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.41.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at $4,836,150. This represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the sale, the director directly owned 979,439 shares of the company’s stock, valued at $42,037,521.88. This trade represents a 0.59% 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 189,621 shares of company stock worth $8,791,847 over the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies during the 3rd quarter worth $34,000. Danske Bank A S acquired a new stake in shares of Procore Technologies in the 3rd quarter valued at $117,000. Los Angeles Capital Management LLC bought a new stake in Procore Technologies in the fourth quarter worth $134,000. Advisors Asset Management Inc. boosted its holdings in Procore Technologies by 32.5% in the fourth quarter. Advisors Asset Management Inc. now owns 1,846 shares of the company’s stock worth $134,000 after purchasing an additional 453 shares in the last quarter. Finally, Fiduciary Trust Co acquired a new position in Procore Technologies during the third quarter worth $201,000. Institutional investors own 81.10% of the company’s stock.

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.