Key Points
- Procore director Connor Kevin O sold 7,692 shares at an average price of $53.50, worth $411,522, reducing his stake by 0.83% to 915,978 shares. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
- Procore reported quarterly earnings of $0.47 per share, beating estimates of $0.42, while revenue rose 15.8% year over year to $375.21 million. The company continues to post a negative net margin of 2.73%.
- Analysts maintain a consensus “Moderate Buy” rating with a $69.31 price target, compared with the stock’s opening price of $54.81; institutional investors own approximately 81.1% of the company.
Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 7,692 shares of the business's stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $53.50, for a total value of $411,522.00. Following the completion of the transaction, the director directly owned 915,978 shares in the company, valued at approximately $49,004,823. The trade was a 0.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Price Performance
Procore Technologies stock opened at $54.81 on Thursday. The business has a 50 day simple moving average of $56.25 and a 200-day simple moving average of $51.34. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a market capitalization of $8.33 billion, a PE ratio of -210.82 and a beta of 0.78.
Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies's quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the firm posted $0.35 EPS. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post 0.41 EPS for the current year.
Hedge Funds Weigh In On Procore Technologies
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Procore Technologies in the second quarter valued at about $300,345,000. Assenagon Asset Management S.A. increased its stake in shares of Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company's stock worth $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Procore Technologies by 8.2% during the 2nd quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company's stock worth $140,166,000 after purchasing an additional 260,314 shares during the last quarter. Capital World Investors raised its position in shares of Procore Technologies by 18.2% during the 4th quarter. Capital World Investors now owns 3,115,612 shares of the company's stock worth $226,630,000 after purchasing an additional 480,513 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in Procore Technologies in the 2nd quarter valued at approximately $114,444,000. Institutional investors and hedge funds own 81.10% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on PCOR. Barclays boosted their price target on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. DA Davidson set a $56.00 price objective on shares of Procore Technologies in a research report on Monday, September 28th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a research report on Friday, October 2nd. BTIG Research reissued a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. Finally, Zacks Research cut Procore Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.31.
Check Out Our Latest Stock Analysis on Procore Technologies
About Procore Technologies
(
Get Free Report)
Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.
The company's products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.
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