Procore Technologies (NYSE:PCOR) Raised to "Strong-Buy" at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald upgraded Procore Technologies to “strong buy,” adding to an overall analyst consensus rating of “Buy” and an average price target of $70.12.
• Procore’s latest quarterly results exceeded expectations, with adjusted earnings of $0.47 per share versus the $0.42 consensus estimate and revenue of $375.21 million, up 15.8% year over year.
• PCOR opened at $52.62, while insiders sold approximately $11.6 million worth of shares over the past three months; institutional investors own 81.1% of the stock.

Procore Technologies (NYSE:PCOR - Get Free Report) was upgraded by Cantor Fitzgerald to a "strong-buy" rating in a research note issued to investors on Monday, Zacks reports.

Several other research firms have also commented on PCOR. TD Cowen decreased their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Zacks Research raised Procore Technologies from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 3rd. UBS Group increased their price target on Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Barclays lifted their price target on Procore Technologies from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Finally, Jefferies Financial Group cut their price objective on Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Procore Technologies currently has a consensus rating of "Buy" and a consensus price target of $70.12.

Procore Technologies Price Performance

NYSE PCOR opened at $52.62 on Monday. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of -202.37 and a beta of 0.74. The company has a fifty day moving average price of $54.07 and a 200-day moving average price of $52.01.

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, beating 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 company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same period last year, the firm earned $0.35 earnings per share. The firm's revenue was up 15.8% on a year-over-year basis. On average, research analysts anticipate that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of Procore Technologies stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the sale, the director directly owned 58,371 shares of the company's stock, valued at approximately $3,677,373. This trade represents a 2.51% decrease in their position. 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 three months, insiders have sold 220,348 shares of company stock worth $11,591,165. 16.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently modified their holdings of the business. Whetstone Capital Advisors LLC purchased a new stake in shares of Procore Technologies during the 2nd quarter valued at approximately $1,990,000. Engineers Gate Manager LP bought a new position in Procore Technologies in the 2nd quarter worth approximately $971,000. Squarepoint Ops LLC grew 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 valued at $12,423,000 after buying an additional 54,285 shares in the last quarter. Arizona State Retirement System grew 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 valued at $1,304,000 after buying an additional 1,162 shares in the last quarter. Finally, Nykredit A S bought a new stake in Procore Technologies during the 2nd quarter valued at $145,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

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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