Procore Technologies (NYSE:PCOR) Coverage Initiated by Analysts at Guggenheim

Stock analysts at Guggenheim began coverage on shares of Procore Technologies (NYSE:PCOR) in a note issued to investors on Thursday. The firm set a “buy” rating and a $68.00 price target on the stock. Guggenheim’s target price suggests a potential upside of 63.04% from the company’s previous close.

PCOR has been the topic of several other research reports. Barclays decreased their price objective on Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, July 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Jefferies Financial Group reduced their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a research note on Wednesday, April 29th. Finally, TD Cowen lowered their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $70.47.

Procore Technologies Trading Down 5.9%

Shares of PCOR opened at $41.71 on Thursday. Procore Technologies has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of -81.78 and a beta of 0.75. The firm has a 50 day moving average price of $44.67 and a 200-day moving average price of $52.98. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last released its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. Procore Technologies’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 EPS. As a group, equities research analysts forecast that Procore Technologies will post 0.06 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider directly owned 96,723 shares in the company, valued at $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available 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 Procore Technologies stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the sale, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% 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 quarter, insiders have sold 189,621 shares of company stock worth $8,791,847. Company insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Brighton Jones LLC purchased a new stake in shares of Procore Technologies in the 4th quarter worth about $511,000. Goldman Sachs Group Inc. boosted its stake in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after acquiring an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after purchasing an additional 52,507 shares during the period. Prudential Financial Inc. grew its holdings in Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after purchasing an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Procore Technologies by 3.8% during the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.