DA Davidson Reiterates “Neutral” Rating for Procore Technologies (NYSE:PCOR)

Procore Technologies (NYSE:PCOR)‘s stock had its “neutral” rating restated by equities researchers at DA Davidson in a research report issued on Wednesday, Benzinga reports. They presently have a $60.00 price objective on the stock. DA Davidson’s price target would suggest a potential upside of 1.63% from the company’s current price.

Several other equities analysts have also recently issued reports on PCOR. Piper Sandler lowered their target price on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. KeyCorp dropped their target price on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Scotiabank decreased their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Macquarie reissued a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group cut their price objective on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $69.50.

Procore Technologies Trading Down 0.4 %

Shares of NYSE PCOR opened at $59.04 on Wednesday. The firm’s 50 day moving average price is $59.05 and its 200-day moving average price is $66.36. Procore Technologies has a 52-week low of $48.11 and a 52-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. The company has a market cap of $8.64 billion, a PE ratio of -61.50 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $275.26 million. During the same period in the prior year, the firm posted ($0.28) EPS. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. On average, equities research analysts expect that Procore Technologies will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 3,846 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total value of $206,337.90. Following the transaction, the director now directly owns 1,444,313 shares in the company, valued at $77,487,392.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 3,846 shares of the stock in a transaction that occurred on 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 approximately $77,487,392.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the completion of the transaction, the chief executive officer now directly owns 793,123 shares in the company, valued at approximately $46,905,294.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,890 shares of company stock valued at $5,947,691. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Dragoneer Investment Group LLC boosted 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 during the last quarter. XN LP grew its holdings in shares of Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares in the last quarter. Meritage Group LP bought a new stake in Procore Technologies in the first quarter worth $106,738,000. William Blair Investment Management LLC purchased a new stake in Procore Technologies during the first quarter valued at $91,158,000. Finally, Robeco Schweiz AG bought a new position in Procore Technologies during the fourth quarter valued at $60,914,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.