Key Points
- Procore Chairman Craig Courtemanche sold 56,122 shares at an average price of $56.19, generating approximately $3.15 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, reducing his direct stake by 5.82% to 908,316 shares.
- Procore’s stock opened at $56.00, while its latest quarterly results exceeded expectations: earnings per share came in at $0.47 versus a $0.42 estimate, and revenue rose 15.8% year over year to $375.21 million.
- Analysts maintain a “Moderate Buy” consensus, with an average price target of $69.44, although ratings range from Strong Buy to Sell and some firms have recently lowered their targets or downgraded the stock.
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, October 12th. The shares were sold at an average price of $56.19, for a total transaction of $3,153,495.18. Following the completion of the sale, the chairman directly owned 908,316 shares of the company's stock, valued at approximately $51,038,276.04. This represents a 5.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Procore Technologies Stock Down 0.3%
Procore Technologies stock opened at $56.00 on Thursday. The business's 50-day simple moving average is $56.33 and its 200 day simple moving average is $51.28. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of -215.38 and a beta of 0.78. 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 released its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping 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 firm had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the previous year, the business earned $0.35 EPS. The business's quarterly revenue was up 15.8% compared to the same quarter last year. As a group, sell-side analysts expect that Procore Technologies, Inc. will post 0.41 EPS for the current year.
Institutional Investors Weigh In On Procore Technologies
Hedge funds have recently modified their holdings of the business. SJS Investment Consulting Inc. lifted its holdings in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after purchasing an additional 426 shares in the last quarter. Twin Tree Management LP bought a new stake in Procore Technologies during the 2nd quarter worth approximately $40,000. Global Retirement Partners LLC acquired a new stake in Procore Technologies during the 2nd quarter worth approximately $52,000. Root Financial Partners LLC raised its holdings in Procore Technologies by 11,150.0% during the 1st quarter. Root Financial Partners LLC now owns 1,125 shares of the company's stock worth $64,000 after buying an additional 1,115 shares during the period. Finally, Versant Capital Management Inc lifted its stake in Procore Technologies by 50.3% in the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company's stock valued at $64,000 after buying an additional 529 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.
Wall Street Analyst Weigh In
PCOR has been the subject of a number of analyst reports. DA Davidson set a $56.00 price objective on shares of Procore Technologies in a report on Monday, September 28th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a report on Friday, October 2nd. Barclays lifted their price target on shares of Procore Technologies from $60.00 to $62.00 and gave the stock an "overweight" rating in a research report on Monday. Jefferies Financial Group reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, July 21st. Finally, Zacks Research lowered shares of Procore Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $69.44.
View Our Latest Analysis on PCOR
Procore Technologies Company Profile
(
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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