Griffin Securities Initiates Coverage on Procore Technologies (NYSE:PCOR)

Equities researchers at Griffin Securities started coverage on shares of Procore Technologies (NYSE:PCOR) in a note issued to investors on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $82.00 price target on the stock. Griffin Securities‘s price target points to a potential upside of 32.94% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. BTIG Research reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. Weiss Ratings upgraded Procore Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. Piper Sandler assumed coverage on shares of Procore Technologies in a research note on Monday, September 28th. They issued an “overweight” rating and a $68.00 price target on the stock. Cantor Fitzgerald lifted their target price on Procore Technologies from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, October 16th. Finally, TD Cowen cut their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.47.

Procore Technologies Trading Down 1.7%

Shares of NYSE:PCOR opened at $61.68 on Wednesday. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32. The business has a 50-day moving average price of $56.72 and a two-hundred day moving average price of $53.65. The stock has a market capitalization of $9.37 billion, a P/E ratio of -237.24 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Procore Technologies’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, equities analysts predict that Procore Technologies will post 0.41 EPS for the current year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin Singer sold 3,943 shares of the 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 completion of the sale, the insider directly owned 86,931 shares in the company, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the transaction, the director owned 58,371 shares in the company, valued at $3,677,373. The trade was a 2.51% 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. In the last 90 days, insiders sold 222,271 shares of company stock worth $12,450,532. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. SJS Investment Consulting Inc. grew its stake in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares in the last quarter. Twin Tree Management LP purchased a new position in shares of Procore Technologies in the second quarter worth about $40,000. Root Financial Partners LLC grew its holdings in shares of Procore Technologies by 11,150.0% in the first quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock worth $64,000 after purchasing an additional 1,115 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Procore Technologies during the second quarter valued at about $52,000. Finally, Canton Hathaway LLC bought a new stake in shares of Procore Technologies in the 3rd quarter worth approximately $69,000. Institutional investors 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.