Key Points
- Director Connor Kevin O sold 7,692 Procore Technologies shares for approximately $477,135 at an average price of $62.03 under a pre-arranged Rule 10b5-1 plan. He retained 931,362 shares after the transaction.
- Procore reported quarterly revenue of $375.21 million, up 15.8% year over year, and adjusted earnings per share of $0.47, beating analyst expectations of $0.42.
- Analysts maintain a broadly positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $70.44; institutional investors own 81.1% of outstanding shares.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 7,692 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total value of $477,134.76. Following the completion of the sale, the director directly owned 931,362 shares of the company's stock, valued at $57,772,384.86. The trade was a 0.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Stock Performance
Procore Technologies stock opened at $60.57 on Friday. The stock's 50 day moving average price is $52.08 and its 200 day moving average price is $51.82. The firm has a market capitalization of $9.20 billion, a PE ratio of -232.96 and a beta of 0.74. Procore Technologies, Inc. has a one year low of $38.03 and a one year high of $82.32.
Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping 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 firm had revenue of $375.21 million during the quarter, compared to analysts' expectations of $365.82 million. During the same quarter in the prior year, the business earned $0.35 EPS. Procore Technologies's quarterly revenue was up 15.8% compared to the same quarter last year. On average, analysts forecast that Procore Technologies, Inc. will post 0.41 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on PCOR shares. BMO Capital Markets raised their price target 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. UBS Group boosted their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, July 31st. BTIG Research reissued a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. The Goldman Sachs Group lowered their target price on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Finally, TD Cowen dropped their target price on Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $70.44.
Get Our Latest Analysis on Procore Technologies
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. increased its position in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the 3rd quarter valued at about $34,000. Twin Tree Management LP bought a new position in shares of Procore Technologies during the second quarter worth about $40,000. Allworth Financial LP lifted its position 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 purchasing an additional 204 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in Procore Technologies in the second quarter worth about $52,000. 81.10% of the stock is currently owned by institutional investors.
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.
Further Reading
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