Key Points
- Insider sale: Chairman Craig Jr. Courtemanche sold 56,121 shares on March 10 at an average of $57.23 for about $3.21M, trimming his stake by 5.71% to 927,580 shares (≈$53.09M).
- Mixed fundamentals: Procore beat the quarter with EPS $0.37 vs $0.35 and revenue $349.11M (up 15.6% y/y), but still shows a negative net margin (-7.62%) and negative return on equity.
- Market and analyst backdrop: Shares were trading down ~2.5% at $55.61 (market cap ~$8.35B), and while the consensus is a "Moderate Buy" with an average target of $77.05, several analysts recently lowered their price targets.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 7,692 shares of Procore Technologies stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $57.25, for a total transaction of $440,367.00. Following the sale, the director owned 1,004,444 shares of the company's stock, valued at approximately $57,504,419. This represents a 0.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Procore Technologies Trading Down 1.2%
Shares of PCOR traded down $0.71 on Friday, reaching $56.32. 809,440 shares of the company's stock were exchanged, compared to its average volume of 2,649,840. The business has a 50 day moving average price of $59.70 and a two-hundred day moving average price of $68.37. Procore Technologies, Inc. has a 12 month low of $46.08 and a 12 month high of $82.32. The stock has a market capitalization of $8.45 billion, a P/E ratio of -84.17 and a beta of 0.90. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02.
Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The firm had revenue of $349.11 million for the quarter, compared to analysts' expectations of $340.80 million. During the same period last year, the firm earned $0.01 earnings per share. The business's revenue for the quarter was up 15.6% on a year-over-year basis. Research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of PCOR. Global Retirement Partners LLC increased its holdings in Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock worth $28,000 after buying an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Procore Technologies in the 3rd quarter valued at $34,000. Jones Financial Companies Lllp grew its holdings in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock valued at $35,000 after buying an additional 199 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Procore Technologies in the 4th quarter valued at $41,000. Finally, Allworth Financial LP increased its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after buying an additional 204 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on PCOR shares. Zacks Research downgraded shares of Procore Technologies from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Procore Technologies in a report on Thursday, January 22nd. Stifel Nicolaus reduced their price target on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Canaccord Genuity Group lowered their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a research report on Friday, February 13th. Finally, Piper Sandler decreased their target price on Procore Technologies from $91.00 to $79.00 and set an "overweight" rating for the company in a research note on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and an average price target of $77.05.
Read Our Latest Report on Procore Technologies
About Procore Technologies
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
