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

Research analysts at Robert W. Baird assumed coverage on shares of Procore Technologies (NYSE:PCOR) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set an “outperform” rating and a $73.00 price target on the stock. Robert W. Baird’s target price would indicate a potential upside of 20.56% from the company’s current price.

Other analysts also recently issued reports about the company. Mizuho restated a “neutral” rating and issued a $70.00 price objective (down from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. DA Davidson downgraded Procore Technologies from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $90.00 to $60.00 in a report on Friday, August 2nd. JMP Securities decreased their price objective on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a report on Friday, August 2nd. Barclays lowered Procore Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $78.00 to $54.00 in a research note on Friday, August 2nd. Finally, Macquarie reiterated a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $69.50.

Procore Technologies Trading Down 1.0 %

PCOR stock opened at $60.55 on Tuesday. The firm has a market cap of $8.94 billion, a PE ratio of -63.07 and a beta of 0.73. The firm has a fifty day moving average price of $59.86 and a 200 day moving average price of $67.00. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. 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 released its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The business had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same period last year, the company earned ($0.28) earnings per share. The business’s revenue for the quarter was up 24.4% compared to the same quarter last year. Sell-side analysts anticipate that Procore Technologies will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $66.13, for a total transaction of $132,260.00. Following the completion of the sale, the insider now owns 108,705 shares of the company’s stock, valued at $7,188,661.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the completion of the sale, the chief executive officer now owns 527,349 shares of the company’s stock, valued at $34,588,820.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $66.13, for a total value of $132,260.00. Following the completion of the transaction, the insider now directly owns 108,705 shares of the company’s stock, valued at $7,188,661.65. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 178,688 shares of company stock worth $11,111,941. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Tanager Wealth Management LLP lifted its holdings in Procore Technologies by 1.2% in the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after acquiring an additional 150 shares during the period. Taylor Frigon Capital Management LLC raised its stake in shares of Procore Technologies by 0.3% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock worth $3,570,000 after buying an additional 180 shares during the period. Signaturefd LLC raised its stake in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after buying an additional 297 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

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.