Procore Technologies (NYSE:PCOR) Announces Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Procore Technologies beat quarterly expectations: EPS came in at $0.47 versus the $0.41 consensus, while revenue reached $375.21 million, above estimates of $365.82 million.
• Shares rose 2.7% to $50.15 following the results, though the company remains unprofitable, with a negative net margin of 5.61% and a negative return on equity of 2.24%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $69.59, while institutional investors own 81.1% of the stock and insiders sold $8.79 million in shares during the last quarter.

Procore Technologies (NYSE:PCOR - Get Free Report) posted its earnings results on Wednesday. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.06, FiscalAI reports. The firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%.

Procore Technologies Trading Up 2.7%

Shares of PCOR stock traded up $1.31 during trading hours on Wednesday, reaching $50.15. 4,100,166 shares of the stock traded hands, compared to its average volume of 2,667,983. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $7.57 billion, a PE ratio of -98.33 and a beta of 0.75. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32. The business has a fifty day moving average price of $44.49 and a 200 day moving average price of $52.19.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares of the company's stock, valued at $4,836,150. The trade was a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the completion of the transaction, the director owned 967,901 shares in the company, valued at $40,584,088.93. This represents a 0.59% 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. Insiders sold a total of 189,621 shares of company stock valued at $8,791,847 over the last quarter. Company insiders own 16.80% of the company's stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently modified their holdings of PCOR. Wasatch Advisors LP raised its holdings in Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after buying an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock worth $248,066,000 after buying an additional 1,486,153 shares during the last quarter. Woodline Partners LP boosted its stake in shares of Procore Technologies by 173.1% during the 3rd quarter. Woodline Partners LP now owns 1,790,203 shares of the company's stock worth $130,542,000 after acquiring an additional 1,134,657 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Procore Technologies during the 4th quarter valued at about $56,758,000. Finally, DF Dent & Co. Inc. raised its stake in shares of Procore Technologies by 208.6% in the 3rd quarter. DF Dent & Co. Inc. now owns 1,017,035 shares of the company's stock valued at $74,162,000 after acquiring an additional 687,424 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PCOR. Guggenheim assumed coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They issued a "buy" rating and a $68.00 target price on the stock. 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 report on Tuesday. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a research note on Monday, July 6th. Piper Sandler lowered their price objective on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating for the company in a report on Wednesday, May 6th. Finally, Barclays lowered their price objective on shares of Procore Technologies from $65.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $69.59.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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