Procore Technologies (NYSE:PCOR) Research Coverage Started at Robert W. Baird

Robert W. Baird initiated coverage on shares of Procore Technologies (NYSE:PCOR) in a report published on Tuesday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $73.00 target price on the stock.

Other analysts have also recently issued reports about the stock. DA Davidson cut shares of Procore Technologies from a buy rating to a neutral rating and dropped their target price for the stock from $90.00 to $60.00 in a report on Friday, August 2nd. Macquarie reissued a neutral rating and set a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. JMP Securities dropped their target price on shares of Procore Technologies from $93.00 to $82.00 and set a market outperform rating on the stock in a report on Friday, August 2nd. KeyCorp lowered their price target on shares of Procore Technologies from $79.00 to $68.00 and set an overweight rating for the company in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group lowered their price target on shares of Procore Technologies from $85.00 to $73.00 and set a buy rating for the company in a research report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Procore Technologies has a consensus rating of Moderate Buy and a consensus price target of $69.50.

Procore Technologies Trading Up 0.7 %

PCOR opened at $62.05 on Tuesday. The stock has a market capitalization of $9.16 billion, a PE ratio of -64.63 and a beta of 0.73. The firm’s fifty day moving average price is $59.62 and its 200 day moving average price is $66.84. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. Procore Technologies has a 12-month low of $48.11 and a 12-month high of $83.35.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. The company had revenue of $284.30 million for the quarter, compared to analysts’ expectations of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm’s revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.28) earnings per share. As a group, research analysts expect that Procore Technologies will post -0.28 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 3,846 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total value of $206,337.90. Following the completion of the transaction, the director now owns 1,444,313 shares in the company, valued at approximately $77,487,392.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $58.48, for a total value of $299,885.44. Following the completion of the sale, the director now directly owns 1,360,848 shares of the company’s stock, valued at approximately $79,582,391.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 3,846 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total transaction of $206,337.90. Following the completion of the sale, the director now directly owns 1,444,313 shares of the company’s stock, valued at $77,487,392.45. The disclosure for this sale can be found here. Insiders sold 169,890 shares of company stock worth $10,540,071 in the last 90 days. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Procore Technologies by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after acquiring an additional 94,190 shares during the last quarter. Cadian Capital Management LP lifted its stake in Procore Technologies by 22.9% during the fourth quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock valued at $257,384,000 after buying an additional 692,218 shares in the last quarter. XN LP lifted its stake in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after buying an additional 1,411,812 shares in the last quarter. Dragoneer Investment Group LLC lifted its stake in Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after buying an additional 1,609,607 shares in the last quarter. Finally, Robeco Schweiz AG lifted its stake in Procore Technologies by 20.1% during the second quarter. Robeco Schweiz AG now owns 1,315,000 shares of the company’s stock valued at $87,198,000 after buying an additional 220,000 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Company Profile

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.