Arete Initiates Coverage on Procore Technologies (NYSE:PCOR)

Stock analysts at Arete began coverage on shares of Procore Technologies (NYSE:PCOR - Get Free Report) in a note issued to investors on Monday, MarketBeat.com reports. The brokerage set a "buy" rating and a $91.00 price target on the stock. Arete's price target indicates a potential upside of 36.31% from the stock's previous close.

PCOR has been the topic of several other reports. JPMorgan Chase & Co. dropped their price objective on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. BMO Capital Markets reduced their price objective on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. UBS Group reduced their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Macquarie reduced their price target on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, Barclays raised their target price on shares of Procore Technologies from $70.00 to $72.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $80.83.

Procore Technologies Stock Up 1.7%

NYSE PCOR traded up $1.11 on Monday, reaching $66.76. The company had a trading volume of 1,403,083 shares, compared to its average volume of 1,693,827. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of -77.63 and a beta of 0.90. The company's fifty day moving average is $65.22 and its 200-day moving average is $71.86. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $88.92.

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

Insider Buying and Selling

In related news, Director William J.G. Griffith sold 309,168 shares of the business's stock in a transaction dated 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 transaction, the director now directly owns 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. The trade was a 14.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the sale, the insider now owns 3,137,255 shares of the company's stock, valued at $203,168,633.80. This trade represents a 5.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 653,371 shares of company stock worth $42,378,360 in the last quarter. Insiders own 29.00% of the company's stock.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of PCOR. Principal Financial Group Inc. lifted its position in shares of Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock valued at $200,810,000 after buying an additional 2,670,872 shares during the last quarter. Capital World Investors grew its stake in Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP bought a new stake in Procore Technologies during the 4th quarter valued at $131,840,000. JPMorgan Chase & Co. boosted its holdings in shares of Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after acquiring an additional 1,492,869 shares during the period. Finally, Champlain Investment Partners LLC purchased a new position in Procore Technologies during the 4th quarter valued at about $105,747,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

About Procore Technologies

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.