Procore Technologies (NYSE:PCOR) Stock Price Up 8.5% - Should You Buy?

Key Points

• Procore Technologies shares rose 8.5% to about $55.29 in mid-day trading, although volume was 84% below the average daily level.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $69.31; recent targets range from $60 to $75.
• The company exceeded quarterly earnings and revenue estimates, with revenue up 15.8% year over year, but insiders sold more than 214,000 shares worth approximately $11.3 million during the last quarter.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) shot up 8.5% during mid-day trading on Monday. The stock traded as high as $54.83 and last traded at $55.29. 444,488 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 2,781,011 shares. The stock had previously closed at $50.95.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PCOR shares. BTIG Research reiterated a "buy" rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. TD Cowen cut their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, July 28th. Barclays boosted their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. UBS Group upped their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Citigroup reiterated a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and a consensus target price of $69.31.

Procore Technologies Stock Performance

The business's 50-day moving average price is $55.89 and its 200-day moving average price is $51.43. The stock has a market cap of $8.31 billion, a P/E ratio of -209.91 and a beta of 0.78.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same quarter last year, the company earned $0.35 earnings per share. The business's revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, equities research analysts expect that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other news, insider Benjamin C. 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 transaction, the insider owned 86,931 shares of the company's stock, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their ownership of the stock. The transaction was disclosed in a 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 Connor Kevin J. O sold 7,692 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total transaction of $477,134.76. Following the completion of the sale, the director owned 931,362 shares in the company, valued at approximately $57,772,384.86. The trade was a 0.82% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 214,579 shares of company stock valued at $11,349,271. 16.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

Several hedge funds have recently modified their holdings of PCOR. Whetstone Capital Advisors LLC bought a new position in Procore Technologies during the second quarter valued at $1,990,000. Engineers Gate Manager LP bought a new stake in shares of Procore Technologies in the 2nd quarter worth about $971,000. Squarepoint Ops LLC increased its holdings in shares of 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 buying an additional 54,285 shares during the last quarter. Arizona State Retirement System raised its position in shares of Procore Technologies by 3.8% during 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 purchased a new stake in shares of Procore Technologies during the 2nd quarter valued at about $145,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Company Profile

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.

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