Procore Technologies (NYSE:PCOR) Now Covered by Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage of Procore Technologies with an “overweight” rating and a $65 price target, implying 14.63% upside from the prior close.
• Analyst sentiment remains broadly positive: Procore has a “Moderate Buy” consensus rating and an average price target of $70.12, despite several recent target-price cuts.
• Procore exceeded quarterly expectations, reporting $0.47 EPS versus $0.42 expected and $375.21 million in revenue, up 15.8% year over year.

Cantor Fitzgerald initiated coverage on shares of Procore Technologies (NYSE:PCOR - Get Free Report) in a research note issued on Tuesday, Benzinga reports. The brokerage set an "overweight" rating and a $65.00 price target on the stock. Cantor Fitzgerald's price objective would indicate a potential upside of 14.63% from the company's previous close.

PCOR has been the topic of several other reports. Jefferies Financial Group lowered their target price 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. TD Cowen cut their price target on Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Weiss Ratings reissued a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. BTIG Research restated a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. Finally, Piper Sandler dropped their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $70.12.

Procore Technologies Stock Up 6.5%

PCOR opened at $56.70 on Tuesday. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The company's 50-day moving average price is $53.91 and its two-hundred day moving average price is $52.01. The stock has a market cap of $8.62 billion, a price-to-earnings ratio of -218.09 and a beta of 0.74.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results 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 negative net margin of 2.73% and a positive return on equity of 0.71%. The company had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. During the same quarter last year, the business posted $0.35 EPS. Procore Technologies's quarterly revenue was up 15.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Procore Technologies will post 0.41 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, Chairman Craig Courtemanche, Jr. sold 56,122 shares of Procore Technologies stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin Singer sold 3,943 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 220,348 shares of company stock valued at $11,591,165. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PCOR. Whetstone Capital Advisors LLC bought a new position in shares of Procore Technologies in the second quarter valued at approximately $1,990,000. Engineers Gate Manager LP bought a new stake in Procore Technologies during the 2nd quarter worth approximately $971,000. Squarepoint Ops LLC lifted its stake in Procore Technologies by 21.6% in the 2nd quarter. Squarepoint Ops LLC now owns 305,837 shares of the company's stock worth $12,423,000 after purchasing an additional 54,285 shares in the last quarter. Arizona State Retirement System lifted its stake in Procore Technologies by 3.8% in the 2nd quarter. Arizona State Retirement System now owns 32,098 shares of the company's stock worth $1,304,000 after purchasing an additional 1,162 shares in the last quarter. Finally, Nykredit A S bought a new position in Procore Technologies in the 2nd quarter valued at $145,000. 81.10% of the stock is currently owned by institutional investors.

About Procore Technologies

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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