Procore Technologies (NYSE:PCOR) Issues Quarterly Earnings Results, Misses Estimates By $0.28 EPS

Procore Technologies (NYSE:PCOR) released its earnings results on Tuesday. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.28), Zacks reports. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%.

Procore Technologies Stock Up 0.8%

Shares of Procore Technologies stock traded up $0.50 on Tuesday, hitting $63.07. 4,744,534 shares of the company traded hands, compared to its average volume of 2,836,019. The company has a market cap of $9.58 billion, a PE ratio of -242.56 and a beta of 0.78. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32. The company has a 50-day moving average price of $56.67 and a 200 day moving average price of $53.42.

Insiders Place Their Bets

In other news, Director Kevin O’Connor sold 7,692 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $53.50, for a total transaction of $411,522.00. Following the transaction, the director owned 915,978 shares of the company’s stock, valued at approximately $49,004,823. This represents a 0.83% 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, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $56.19, for a total value of $3,153,495.18. Following the sale, the chairman owned 908,316 shares of the company’s stock, valued at approximately $51,038,276.04. The trade was a 5.82% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 199,193 shares of company stock worth $11,182,473 in the last 90 days. 16.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PCOR shares. BTIG Research reiterated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. Griffin Securities assumed coverage on Procore Technologies in a report on Wednesday, October 28th. They issued a “buy” rating and a $82.00 price target for the company. BMO Capital Markets increased their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. UBS Group raised their target price on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Jefferies Financial Group reduced their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $71.06.

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.