Procore Technologies (NYSE:PCOR) Given "Overweight" Rating at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald reaffirmed an “overweight” rating on Procore Technologies with a $65 price target, implying 27.66% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average price target of $69.31.
• Procore shares opened at $50.92, while the company’s latest quarterly results exceeded expectations: EPS was $0.47 versus a $0.42 consensus estimate, and revenue rose 15.8% year over year to $375.21 million.
• Insiders sold 214,579 shares worth approximately $11.35 million during the last quarter, while institutional investors and hedge funds own a substantial 81.1% of the company.

Procore Technologies (NYSE:PCOR - Get Free Report)'s stock had its "overweight" rating reissued by equities research analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports. They currently have a $65.00 target price on the stock. Cantor Fitzgerald's price target would suggest a potential upside of 27.66% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the company. TD Cowen dropped their price objective on Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Tuesday, July 28th. Citigroup reiterated a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Zacks Research upgraded Procore Technologies from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 3rd. Guggenheim assumed coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target on the stock. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $69.31.

Procore Technologies Stock Down 0.1%

Shares of Procore Technologies stock opened at $50.92 on Monday. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32. The stock has a market cap of $7.74 billion, a P/E ratio of -195.84 and a beta of 0.78. The business's 50 day moving average is $55.89 and its 200-day moving average is $51.43.

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 analysts' consensus estimates 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 business posted $0.35 EPS. The business's revenue was up 15.8% compared to the same quarter last year. On average, sell-side analysts expect that Procore Technologies will post 0.41 EPS for the current year.

Insider Activity at Procore Technologies

In other news, SVP William Fleming, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the sale, the senior vice president directly owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $53.48, for a total value of $3,001,404.56. Following the sale, 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. 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. Insiders sold a total of 214,579 shares of company stock worth $11,349,271 in the last quarter. 16.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

Large investors have recently modified their holdings of the stock. Stephens Investment Management Group LLC grew its holdings in shares of Procore Technologies by 23.3% during the 1st quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company's stock worth $30,960,000 after purchasing an additional 102,574 shares in the last quarter. Deutsche Bank AG acquired a new stake in Procore Technologies in the second quarter valued at about $114,444,000. Hillsdale Investment Management Inc. acquired a new stake in Procore Technologies in the first quarter valued at about $3,181,000. Bank of America Corp DE acquired a new stake in Procore Technologies in the second quarter valued at about $34,651,000. Finally, Citizens Financial Group Inc. RI acquired a new stake in Procore Technologies in the second quarter valued at about $964,000. 81.10% of the stock is owned by institutional investors and hedge funds.

About Procore Technologies

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.