Procore Technologies (NYSE:PCOR) Trading Up 5.8% – Here’s What Happened

Procore Technologies, Inc. (NYSE:PCOR) was up 5.8% on Friday . The company traded as high as $64.33 and last traded at $64.33. Approximately 456,736 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,532,234 shares. The stock had previously closed at $60.82.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PCOR shares. The Goldman Sachs Group lowered their price objective on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Piper Sandler cut their price target on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. DA Davidson reiterated a “neutral” rating and issued a $60.00 price objective on shares of Procore Technologies in a research note on Wednesday, October 2nd. Scotiabank dropped their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Finally, JMP Securities reduced their price target on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a report on Friday, August 2nd. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.13.

Procore Technologies Price Performance

The stock has a market cap of $9.35 billion, a P/E ratio of -102.11 and a beta of 0.73. The business has a 50 day simple moving average of $57.88 and a 200-day simple moving average of $65.60. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. The business had revenue of $284.30 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.28) earnings per share. On average, sell-side analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current year.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Thursday, September 19th. The stock was 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 owns 1,360,848 shares of the company’s stock, valued at approximately $79,582,391.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total transaction of $299,885.44. Following the sale, the director now owns 1,360,848 shares in the company, valued at $79,582,391.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Connor Kevin J. O sold 8,974 shares of Procore Technologies stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares of the company’s stock, valued at approximately $79,606,298.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 99,890 shares of company stock valued at $5,947,691 over the last ninety days. 29.00% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. Vanguard Group Inc. lifted its holdings in shares of Procore Technologies by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock worth $764,111,000 after acquiring an additional 94,190 shares during the last quarter. XN LP boosted its holdings in shares of Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after purchasing an additional 1,411,812 shares in the last quarter. Dragoneer Investment Group LLC increased its position in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. Robeco Schweiz AG raised its holdings in shares of Procore Technologies by 20.1% during the 2nd 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. Finally, Meritage Group LP bought a new stake in Procore Technologies in the 1st quarter worth approximately $106,738,000. 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.