Key Points
- Procore Chairman Craig Jr. Courtemanche sold 56,122 shares on May 11 at an average price of $51.06, totaling about $2.87 million. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his ownership by 5.71%.
- Procore shares fell 4.1% and opened at $46.11, near the company’s 52-week low of $45.54. The stock remains well below its 50-day and 200-day moving averages.
- Recent earnings beat revenue expectations but missed on EPS: Procore reported $0.34 per share versus the $0.36 consensus, while revenue rose 15.7% year over year to $359.28 million. Analysts still broadly rate the stock a Moderate Buy with a $72.56 price target.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $51.06, for a total transaction of $2,865,589.32. Following the completion of the transaction, the chairman directly owned 927,580 shares of the company's stock, valued at $47,362,234.80. This trade represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Stock Down 4.1%
Shares of Procore Technologies stock opened at $46.11 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $6.96 billion, a PE ratio of -90.41 and a beta of 0.78. Procore Technologies, Inc. has a 52-week low of $45.54 and a 52-week high of $82.32. The company has a 50-day simple moving average of $55.34 and a two-hundred day simple moving average of $63.50.
Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million during the quarter, compared to analysts' expectations of $352.82 million. During the same period last year, the firm posted $0.23 earnings per share. The firm's quarterly revenue was up 15.7% on a year-over-year basis. On average, analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. Barclays decreased their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an "overweight" rating for the company in a report on Friday, February 13th. Canaccord Genuity Group decreased their price objective 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. TD Cowen decreased their price objective on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, April 21st. Zacks Research raised shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Procore Technologies in a report on Thursday, January 22nd. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.56.
Check Out Our Latest Stock Analysis on PCOR
Hedge Funds Weigh In On Procore Technologies
A number of hedge funds have recently modified their holdings of the company. CI Investments Inc. boosted its position in shares of Procore Technologies by 4.3% in the first quarter. CI Investments Inc. now owns 40,268 shares of the company's stock worth $2,295,000 after purchasing an additional 1,650 shares during the period. Madison Asset Management LLC bought a new position in shares of Procore Technologies in the first quarter worth approximately $2,243,000. Meeder Advisory Services Inc. boosted its position in shares of Procore Technologies by 23.2% in the first quarter. Meeder Advisory Services Inc. now owns 3,756 shares of the company's stock worth $214,000 after purchasing an additional 708 shares during the period. Swiss National Bank boosted its position in shares of Procore Technologies by 0.4% in the first quarter. Swiss National Bank now owns 223,000 shares of the company's stock worth $12,711,000 after purchasing an additional 900 shares during the period. Finally, Roubaix Capital LLC boosted its position in shares of Procore Technologies by 54.6% in the first quarter. Roubaix Capital LLC now owns 72,754 shares of the company's stock worth $4,147,000 after purchasing an additional 25,687 shares during the period. 81.10% of the stock is currently owned by institutional investors.
Procore Technologies Company Profile
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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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