Procore Technologies’ (PCOR) “Neutral” Rating Reiterated at Macquarie

Procore Technologies (NYSE:PCOR)‘s stock had its “neutral” rating reiterated by equities research analysts at Macquarie in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $70.00 target price on the stock. Macquarie’s price objective would indicate a potential downside of 0.70% from the company’s current price.

A number of other equities analysts have also commented on PCOR. TD Cowen assumed coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They set a “buy” rating and a $85.00 target price on the stock. Barclays reduced their price target on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Piper Sandler reduced their price target on shares of Procore Technologies from $77.00 to $74.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Stifel Nicolaus cut their price objective on shares of Procore Technologies from $90.00 to $85.00 and set a “buy” rating for the company in a report on Monday, July 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Procore Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $80.67.

Procore Technologies Trading Up 0.7 %

Shares of NYSE:PCOR traded up $0.52 during trading on Tuesday, reaching $70.49. The company’s stock had a trading volume of 1,511,665 shares, compared to its average volume of 1,330,367. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. Procore Technologies has a 12 month low of $48.11 and a 12 month high of $83.35. The firm’s 50 day simple moving average is $66.92 and its two-hundred day simple moving average is $71.48. The stock has a market capitalization of $10.31 billion, a PE ratio of -73.43 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. The company had revenue of $269.43 million for the quarter, compared to analyst estimates of $263.13 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. On average, research analysts predict that Procore Technologies will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP William Fred Fleming, Jr. sold 3,188 shares of Procore Technologies stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total transaction of $223,701.96. Following the sale, the senior vice president now directly owns 87,248 shares in the company, valued at approximately $6,122,192.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the transaction, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at approximately $36,557,479.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William Fred Fleming, Jr. sold 3,188 shares of Procore Technologies stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total transaction of $223,701.96. Following the completion of the sale, the senior vice president now directly owns 87,248 shares in the company, valued at approximately $6,122,192.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 309,511 shares of company stock valued at $20,921,459. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the business. Cerity Partners LLC raised its holdings in shares of Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock worth $92,353,000 after purchasing an additional 1,303,804 shares during the period. Meritage Group LP purchased a new stake in Procore Technologies during the first quarter valued at about $106,738,000. William Blair Investment Management LLC purchased a new stake in shares of Procore Technologies in the first quarter worth approximately $91,158,000. Norges Bank acquired a new position in Procore Technologies during the fourth quarter valued at approximately $68,005,000. Finally, Robeco Schweiz AG acquired a new stake in shares of Procore Technologies in the fourth quarter worth $60,914,000. 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.