Key Points
- Director Connor Kevin O sold 5,769 shares of Procore on Feb. 25 at an average price of $50.52 for $291,449.88, leaving him with 1,021,751 shares (a 0.56% reduction in his holding).
- Procore beat quarterly expectations, reporting $0.37 EPS vs. $0.35 consensus and $349.11M revenue vs. $340.80M, with revenue up 15.6% year-over-year, though the company still showed a negative net margin (-7.62%) and negative ROE (-3.96%).
- The company has a market cap of $8.26B, a 1-year range of $46.08–$82.32, institutional investors own about 81.1% of the stock, and analysts give a consensus "Moderate Buy" with an average target of $76.95.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 5,769 shares of Procore Technologies stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $50.52, for a total transaction of $291,449.88. Following the completion of the sale, the director owned 1,021,751 shares in the company, valued at $51,618,860.52. The trade was a 0.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Procore Technologies Price Performance
Shares of PCOR opened at $55.03 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The company's fifty day simple moving average is $62.68 and its 200 day simple moving average is $68.86. The company has a market cap of $8.26 billion, a price-to-earnings ratio of -82.13 and a beta of 0.89. Procore Technologies, Inc. has a 1-year low of $46.08 and a 1-year high of $82.32.
Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million for the quarter, compared to analysts' expectations of $340.80 million. During the same quarter in the prior year, the business earned $0.01 EPS. The firm's revenue for the quarter was up 15.6% on a year-over-year basis. On average, research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.
Institutional Trading of Procore Technologies
Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company's stock valued at $957,150,000 after purchasing an additional 804,920 shares during the last quarter. Alliancebernstein L.P. lifted its position in Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock valued at $445,391,000 after acquiring an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP grew its position in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock worth $362,560,000 after purchasing an additional 315,604 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company's stock worth $294,449,000 after purchasing an additional 1,750,998 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Procore Technologies by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company's stock worth $257,431,000 after purchasing an additional 137,171 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the company. KeyCorp lowered their price target on Procore Technologies from $91.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, February 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Procore Technologies in a research report on Thursday, January 22nd. BMO Capital Markets cut their price objective on shares of Procore Technologies from $87.00 to $67.00 and set an "outperform" rating on the stock in a report on Thursday, February 5th. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, February 14th. Finally, Robert W. Baird raised their price target on Procore Technologies from $88.00 to $93.00 and gave the company an "outperform" rating in a report on Thursday, November 6th. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.95.
View Our Latest Research Report on Procore Technologies
About Procore Technologies
(
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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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.
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