Key Points
- Procore Chairman Craig Courtemanche sold 56,122 shares at an average price of $57.11, generating approximately $3.21 million. The transaction, conducted under a Rule 10b5-1 plan, reduced his direct ownership by 5.75% to 919,704 shares.
- Procore reported quarterly revenue of $375.21 million, up 15.8% year over year and above expectations, while earnings per share of $0.47 exceeded consensus estimates by $0.05.
- Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $70.44; institutional investors own 81.1% of the company.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $52,524,295.44. The trade was a 5.75% 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 Performance
PCOR opened at $57.82 on Thursday. The company has a fifty day moving average price of $46.00 and a two-hundred day moving average price of $51.13. The firm has a market capitalization of $8.79 billion, a PE ratio of -222.38 and a beta of 0.70. Procore Technologies, Inc. has a 52 week low of $38.03 and a 52 week high of $82.32.
Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the prior year, the business posted $0.35 EPS. The firm's quarterly revenue was up 15.8% on a year-over-year basis. Equities analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current year.
Analyst Ratings Changes
A number of brokerages have recently commented on PCOR. BTIG Research reaffirmed a "buy" rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. BMO Capital Markets boosted their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Jefferies Financial Group lowered their target price on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, July 21st. Finally, TD Cowen cut their target price on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $70.44.
View Our Latest Report on PCOR
Institutional Investors Weigh In On Procore Technologies
Several large investors have recently made changes to their positions in the stock. SJS Investment Consulting Inc. increased its holdings in Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the third quarter valued at $34,000. Twin Tree Management LP bought a new position in shares of Procore Technologies in the 2nd quarter valued at about $40,000. V Square Quantitative Management LLC bought a new position in shares of Procore Technologies in the 4th quarter valued at about $41,000. Finally, Allworth Financial LP increased its stake in shares of 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 purchasing an additional 204 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.
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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