Procore Technologies (NYSE:PCOR) Earns Buy Rating from Analysts at Arete

Arete started coverage on shares of Procore Technologies (NYSE:PCOR - Get Free Report) in a note issued to investors on Monday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $91.00 price target on the stock. Arete's price target suggests a potential upside of 37.27% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. UBS Group dropped their target price on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. DA Davidson upgraded Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. BMO Capital Markets dropped their target price on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler dropped their target price on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Barclays boosted their target price on Procore Technologies from $70.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $80.83.

Procore Technologies Stock Performance

PCOR traded down $0.39 on Monday, hitting $66.29. 844,910 shares of the company traded hands, compared to its average volume of 1,688,106. The company has a 50 day moving average of $65.34 and a 200-day moving average of $71.78. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $9.89 billion, a PE ratio of -77.09 and a beta of 0.90. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. The firm had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The firm's revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.30 EPS. Sell-side analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 7,700 shares of the stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total transaction of $436,359.00. Following the sale, the director now owns 1,208,284 shares in the company, valued at approximately $68,473,454.28. This represents a 0.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J.G. Griffith sold 309,168 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $20,021,719.68. Following the sale, the director now directly owns 1,893,458 shares in the company, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 653,371 shares of company stock worth $42,378,360. Insiders own 29.00% of the company's stock.

Institutional Trading of Procore Technologies

Large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its holdings in shares of Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after purchasing an additional 2,670,872 shares during the last quarter. Capital World Investors boosted its holdings in shares of Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Procore Technologies during the fourth quarter worth $131,840,000. JPMorgan Chase & Co. boosted its holdings in shares of Procore Technologies by 84.5% during the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after purchasing an additional 1,492,869 shares during the last quarter. Finally, Champlain Investment Partners LLC acquired a new stake in shares of Procore Technologies during the fourth quarter worth $105,747,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.