Procore Technologies (NYSE:PCOR) Research Coverage Started at Macquarie

Macquarie began coverage on shares of Procore Technologies (NYSE:PCOR) in a report published on Wednesday morning, MarketBeat reports. The brokerage issued a neutral rating and a $70.00 price objective on the stock.

A number of other brokerages have also weighed in on PCOR. BMO Capital Markets cut their price objective on Procore Technologies from $90.00 to $85.00 and set an outperform rating on the stock in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price target on shares of Procore Technologies from $83.00 to $86.00 and gave the stock an overweight rating in a research report on Thursday, May 2nd. Barclays dropped their price objective on shares of Procore Technologies from $83.00 to $78.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. JMP Securities raised their target price on shares of Procore Technologies from $81.00 to $93.00 and gave the stock a market outperform rating in a report on Friday, February 16th. Finally, Canaccord Genuity Group lowered their price target on shares of Procore Technologies from $95.00 to $80.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $80.67.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $65.95 on Wednesday. The firm has a market capitalization of $9.65 billion, a P/E ratio of -68.70 and a beta of 0.76. Procore Technologies has a 52 week low of $48.11 and a 52 week high of $83.35. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average price of $70.67 and a 200 day moving average price of $70.68.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.15. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The business had revenue of $269.43 million during the quarter, compared to the consensus estimate of $263.13 million. Sell-side analysts expect that Procore Technologies will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other news, insider Steven Scott Davis sold 57,666 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $79.11, for a total transaction of $4,561,957.26. Following the completion of the sale, the insider now owns 167,989 shares of the company’s stock, valued at $13,289,609.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Procore Technologies news, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $67.58, for a total value of $135,160.00. Following the transaction, the insider now owns 110,705 shares in the company, valued at approximately $7,481,443.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Scott Davis sold 57,666 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $79.11, for a total transaction of $4,561,957.26. Following the sale, the insider now directly owns 167,989 shares of the company’s stock, valued at approximately $13,289,609.79. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 352,610 shares of company stock worth $25,786,903. 29.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Cetera Advisors LLC purchased a new position in Procore Technologies in the 1st quarter worth approximately $220,000. Burney Co. acquired a new stake in shares of Procore Technologies in the first quarter valued at approximately $1,371,000. Untitled Investments LP purchased a new position in Procore Technologies during the first quarter worth approximately $1,336,000. Washington Harbour Partners LP boosted its stake in Procore Technologies by 63.8% during the first quarter. Washington Harbour Partners LP now owns 24,900 shares of the company’s stock worth $2,046,000 after buying an additional 9,700 shares during the last quarter. Finally, Comerica Bank grew its holdings in Procore Technologies by 3.2% in the 1st quarter. Comerica Bank now owns 53,227 shares of the company’s stock valued at $4,374,000 after buying an additional 1,663 shares in the last quarter. 81.10% of the stock is currently 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.