Procore Technologies (NYSE:PCOR) Now Covered by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Procore Technologies (NYSE:PCOR) in a note issued to investors on Tuesday, Benzinga reports. The brokerage set an “overweight” rating and a $65.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 14.63% from the stock’s current price.

A number of other equities research analysts also recently weighed in on PCOR. Zacks Research raised shares of Procore Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 3rd. BMO Capital Markets increased their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. TD Cowen lowered their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Barclays lifted their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Finally, Jefferies Financial Group decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.12.

Procore Technologies Stock Up 6.5%

Shares of NYSE PCOR opened at $56.70 on Tuesday. The stock’s 50-day simple moving average is $53.91 and its two-hundred day simple moving average is $52.01. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The firm has a market capitalization of $8.62 billion, a P/E ratio of -218.09 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter last year, the company posted $0.35 EPS. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, research analysts anticipate that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity

In related news, SVP William Fleming, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares in the company, valued at $6,188,629.95. This trade represents a 8.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin C. Singer sold 3,943 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 220,348 shares of company stock valued at $11,591,165. Company insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Owl Capital Holdings LP purchased a new stake in Procore Technologies in the fourth quarter worth $6,857,000. Stephens Investment Management Group LLC raised its holdings in Procore Technologies by 23.3% in the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock worth $30,960,000 after purchasing an additional 102,574 shares in the last quarter. Deutsche Bank AG purchased a new position in Procore Technologies during the second quarter valued at $114,444,000. PNC Financial Services Group Inc. boosted its holdings in shares of Procore Technologies by 105.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after buying an additional 23,555 shares in the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Procore Technologies during the 1st quarter valued at $3,181,000. Institutional investors own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.