Key Points
- Director Connor Kevin O sold 5,769 shares of Procore on April 15 at an average price of $51.07 for a total of $294,622.83, executed under a pre-arranged Rule 10b5-1 trading plan and reducing his stake by about 0.58% to 990,983 shares.
- Procore recently reported stronger-than-expected quarterly results with $0.37 EPS and revenue up 15.6% year-over-year to $349.11 million, but the company still has negative net margins and analysts expect a full-year EPS of about -$0.15.
- The stock trades in a 12‑month range of $46.08–$82.32, has a market cap of ~$8.3 billion, is 81.1% institutionally owned, and carries a consensus Street rating of "Moderate Buy" with a $75.82 average target price.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 5,769 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total transaction of $294,622.83. Following the transaction, the director owned 990,983 shares of the company's stock, valued at $50,609,501.81. This represents a 0.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Price Performance
PCOR opened at $55.38 on Friday. The firm has a 50-day moving average price of $54.80 and a 200-day moving average price of $65.69. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of -82.66 and a beta of 0.85.
Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.37 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 company had revenue of $349.11 million for the quarter, compared to analysts' expectations of $340.80 million. During the same period in the prior year, the company posted $0.01 EPS. Procore Technologies's revenue was up 15.6% compared to the same quarter last year. Equities analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.
Institutional Trading of Procore Technologies
A number of hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. increased its stake in Procore Technologies by 493.9% in 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 increased its position in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock valued at $248,066,000 after buying an additional 1,486,153 shares in the last quarter. Holocene Advisors LP lifted its position in Procore Technologies by 245.9% in the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company's stock worth $144,906,000 after buying an additional 1,412,721 shares during the last quarter. Finally, Norges Bank purchased a new stake in Procore Technologies in the fourth quarter worth approximately $82,739,000. 81.10% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts have commented on PCOR shares. TD Cowen raised their target price on Procore Technologies from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, February 13th. Piper Sandler decreased their target price on shares of Procore Technologies from $91.00 to $79.00 and set an "overweight" rating on the stock in a report on Friday, February 13th. Canaccord Genuity Group cut their price target on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Finally, 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. Fifteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.82.
Read Our Latest Report on PCOR
Procore Technologies Company Profile
(
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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