Procore Technologies (NYSE:PCOR) Research Coverage Started at Griffin Securities

Griffin Securities initiated coverage on shares of Procore Technologies (NYSE:PCOR) in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage issued a buy rating and a $82.00 price target on the stock.

PCOR has been the subject of a number of other research reports. Cantor Fitzgerald raised their price objective on Procore Technologies from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, October 16th. UBS Group increased their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Piper Sandler initiated coverage on shares of Procore Technologies in a research note on Monday, September 28th. They set an “overweight” rating and a $68.00 price objective for the company. Barclays increased their price target on shares of Procore Technologies from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Finally, DA Davidson set a $56.00 price objective on shares of Procore Technologies in a report on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies Stock Performance

PCOR opened at $61.34 on Wednesday. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The stock has a market capitalization of $9.32 billion, a PE ratio of -235.92 and a beta of 0.78. The stock’s 50 day moving average price is $56.69 and its 200-day moving average price is $53.47.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. Research analysts forecast that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Benjamin C. Singer sold 3,943 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the sale, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $56.19, for a total transaction of $3,153,495.18. Following the sale, the chairman directly owned 908,316 shares in the company, valued at $51,038,276.04. This trade represents a 5.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 222,271 shares of company stock valued at $12,450,532 over the last quarter. 16.80% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Twin Tree Management LP bought a new stake in Procore Technologies during the second quarter worth approximately $40,000. Root Financial Partners LLC grew its holdings in Procore Technologies by 11,150.0% during the first quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock valued at $64,000 after purchasing an additional 1,115 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Procore Technologies during the second quarter valued at approximately $52,000. Finally, Canton Hathaway LLC acquired a new position in Procore Technologies during the third quarter valued at approximately $69,000. 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 through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.