Key Points
- Procore Chairman Craig Courtemanche sold 56,122 shares at an average price of $47.64 for about $2.67M, trimming his stake by 5.71% to 927,580 shares; the transaction was executed under a pre-arranged Rule 10b5‑1 plan.
- The company beat the quarter's estimates (EPS $0.37 vs $0.35; revenue $349.11M vs $340.8M, +15.6% YoY) but still posts a negative net margin (-7.62%) and negative ROE, with analysts forecasting -0.15 EPS for the current year.
- Shares are trading near the 12‑month low (opened $49.58; 12‑month low $46.08) with 50-/200‑day moving averages of $54.69/$66.01; institutional investors hold about 81.1% of the stock and the consensus rating is a Moderate Buy with a $75.82 target.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $47.64, for a total value of $2,673,652.08. Following the completion of the transaction, the chairman directly owned 927,580 shares in the company, valued at $44,189,911.20. This trade represents a 5.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Trading Down 1.6%
Shares of NYSE:PCOR opened at $49.58 on Wednesday. The stock has a 50 day moving average of $54.69 and a 200 day moving average of $66.01. The company has a market cap of $7.44 billion, a PE ratio of -74.00 and a beta of 0.85. 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, Inc. has a 12-month low of $46.08 and a 12-month high of $82.32.
Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping 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 company had revenue of $349.11 million for the quarter, compared to analysts' expectations of $340.80 million. During the same quarter last year, the business earned $0.01 EPS. The firm's revenue was up 15.6% compared to the same quarter last year. As a group, equities research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.
Hedge Funds Weigh In On Procore Technologies
Several institutional investors have recently bought and sold shares of PCOR. Vanguard Group Inc. lifted its stake in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company's stock worth $957,150,000 after purchasing an additional 804,920 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of 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 purchasing an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP increased its holdings in shares of Procore Technologies by 6.8% in the third 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. increased its holdings 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 lifted its position in shares of Procore Technologies by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company's stock worth $257,431,000 after buying an additional 137,171 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on PCOR. Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th. Barclays decreased their price target on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, February 13th. DA Davidson lowered their price objective on Procore Technologies from $75.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, February 13th. BTIG Research reaffirmed a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a research note on Wednesday, March 11th. Finally, BMO Capital Markets cut their target price on Procore Technologies from $87.00 to $67.00 and set an "outperform" rating for the company in a research report on Thursday, February 5th. Fifteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.82.
Check Out Our Latest Stock 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.
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