Key Points
- Procore Technologies SVP William Fred Fleming, Jr. sold 10,000 shares at an average price of $58.95, receiving $589,500. His remaining stake totaled 104,981 shares, an 8.7% reduction in ownership.
- Procore reported quarterly adjusted earnings of $0.47 per share and revenue of $375.21 million, beating estimates of $0.42 and $365.82 million, respectively. Revenue increased 15.8% year over year.
- Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $70.44, while institutional investors own 81.1% of the company.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) SVP William Fred Fleming, Jr. sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the sale, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Procore Technologies Price Performance
Procore Technologies stock opened at $62.21 on Friday. The firm has a 50 day simple moving average of $46.23 and a 200-day simple moving average of $51.10. The stock has a market capitalization of $9.45 billion, a PE ratio of -239.26 and a beta of 0.70. Procore Technologies, Inc. has a 12-month low of $38.03 and a 12-month high of $82.32.
Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter last year, the business earned $0.35 earnings per share. The business's revenue for the quarter was up 15.8% on a year-over-year basis. On average, analysts forecast that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Procore Technologies
A number of institutional investors and hedge funds have recently made changes to their positions in PCOR. SJS Investment Consulting Inc. lifted its holdings in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies in the third quarter valued at about $34,000. Twin Tree Management LP bought a new stake in Procore Technologies during the 2nd quarter worth approximately $40,000. Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after acquiring an additional 204 shares during the period. Finally, Global Retirement Partners LLC acquired a new stake in shares of Procore Technologies in the 2nd quarter valued at about $52,000. Institutional investors own 81.10% of the company's stock.
Analyst Upgrades and Downgrades
PCOR has been the topic of several research reports. TD Cowen dropped their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Tuesday, July 28th. Weiss Ratings reissued a "sell (e+)" rating on shares of Procore Technologies in a research note on Monday, July 6th. BMO Capital Markets boosted their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Citizens Jmp raised Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective for the company in a research report on Wednesday, April 29th. Finally, UBS Group increased their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $70.44.
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About Procore Technologies
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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.
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