Key Points
- Procore Chairman Craig Courtemanche sold 56,122 shares for approximately $3.0 million at an average price of $53.48. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his direct ownership by 5.82% to 908,316 shares.
- Procore reported stronger-than-expected quarterly results, with adjusted EPS of $0.47 versus the $0.42 consensus estimate and revenue of $375.21 million, up 15.8% year over year.
- Analysts maintain a broadly positive outlook, with the stock carrying a “Moderate Buy” consensus 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) Chairman Craig Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $53.48, for a total transaction of $3,001,404.56. Following the transaction, the chairman directly owned 908,316 shares in the company, valued at approximately $48,576,739.68. This trade represents a 5.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Stock Performance
Procore Technologies stock opened at $56.70 on Tuesday. The company has a 50 day moving average price of $53.91 and a 200-day moving average price of $52.01. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The company has a market capitalization of $8.62 billion, a PE ratio of -218.09 and a beta of 0.74.
Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $365.82 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Procore Technologies's 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 year.
Institutional Trading of Procore Technologies
A number of hedge funds have recently bought and sold shares of the stock. SJS Investment Consulting Inc. increased its holdings 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 valued at $25,000 after acquiring an additional 426 shares during the period. Twin Tree Management LP bought a new position in shares of Procore Technologies in the 2nd quarter worth $40,000. Allworth Financial LP lifted 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. Global Retirement Partners LLC purchased a new stake in shares of Procore Technologies during the 2nd quarter worth $52,000. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies during the fourth quarter valued at about $54,000. Hedge funds and other institutional investors own 81.10% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on PCOR. BMO Capital Markets increased their price target on Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Jefferies Financial Group cut their price target on Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, July 21st. Piper Sandler decreased their price objective on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, July 31st. UBS Group upped their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, TD Cowen dropped 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. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $70.44.
Read Our Latest Stock Analysis on Procore Technologies
About Procore Technologies
(
Get Free Report)
Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.
The company's products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.
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