Key Points
- Insider sale: Procore Technologies insider Benjamin Singer sold 3,942 shares on May 29 at $50.00 each, totaling about $197,100. The sale was made under a pre-arranged Rule 10b5-1 plan.
- Recent earnings were mixed: The company reported Q1 EPS of $0.34, missing analyst expectations by $0.02, but revenue of $359.28 million beat estimates and rose 15.7% year over year.
- Wall Street remains cautiously positive: Analysts currently rate PCOR a Moderate Buy overall, with 15 Buy ratings and an average price target of $72.56, though several firms have recently trimmed their targets.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) insider Benjamin Singer sold 3,942 shares of the firm's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares of the company's stock, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Trading Down 4.6%
PCOR stock opened at $52.71 on Wednesday. The business has a fifty day moving average price of $52.74 and a 200 day moving average price of $61.02. Procore Technologies, Inc. has a fifty-two week low of $45.02 and a fifty-two week high of $82.32. The stock has a market capitalization of $7.95 billion, a price-to-earnings ratio of -103.35 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12.
Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same period in the prior year, the business earned $0.23 earnings per share. The company's revenue for the quarter was up 15.7% on a year-over-year basis. Analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Owl Capital Holdings LP bought a new position in shares of Procore Technologies in the 4th quarter worth $6,857,000. Principal Financial Group Inc. boosted its position in shares of Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company's stock worth $240,753,000 after purchasing an additional 360,207 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Procore Technologies by 31.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company's stock worth $30,607,000 after purchasing an additional 99,706 shares during the last quarter. Robinhood Asset Management LLC bought a new position in shares of Procore Technologies in the 4th quarter worth $7,136,000. Finally, Spyglass Capital Management LLC boosted its position in shares of Procore Technologies by 5.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company's stock worth $68,828,000 after purchasing an additional 45,790 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have commented on PCOR. Wall Street Zen lowered Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective on the stock in a research report on Wednesday, April 29th. BMO Capital Markets decreased their price objective on Procore Technologies from $87.00 to $67.00 and set an "outperform" rating on the stock in a research report on Thursday, February 5th. Barclays decreased their price objective on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a research report on Friday, February 13th. Finally, Stifel Nicolaus decreased their price objective on Procore Technologies from $85.00 to $63.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $72.56.
Get Our Latest Research Report on PCOR
Procore Technologies Company Profile
(
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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.
Further Reading
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