Procore Technologies (NYSE:PCOR) Earns "Buy" Rating from BTIG Research

Key Points

• BTIG Research reiterated a Buy rating on Procore with a $66 price target (implying ~20.7% upside), and the street consensus is a "Moderate Buy" with an average target of $73.25.
• In the latest quarter Procore reported revenue of $359.3M (up 15.7% YoY) that beat estimates but EPS of $0.34 missed by $0.02, and the stock opened down ~11.9% at $54.68, trading below its 200-day moving average of $64.41.
• Insiders have sold 148,026 shares over the past 90 days and own 16.8% of the company, institutional investors hold about 81.1%, and Procore's market cap is roughly $8.25B with a negative P/E (~-81.6).

Procore Technologies (NYSE:PCOR - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at BTIG Research in a report released on Wednesday,Benzinga reports. They presently have a $66.00 price objective on the stock. BTIG Research's price target indicates a potential upside of 20.70% from the stock's previous close.

Several other research analysts have also weighed in on PCOR. Canaccord Genuity Group lowered their target price on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Citizens Jmp upgraded shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a research report on Wednesday, April 29th. UBS Group lowered their target price on shares of Procore Technologies from $87.00 to $74.00 and set a "buy" rating on the stock in a research report on Tuesday, February 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of "Moderate Buy" and an average target price of $73.25.

Procore Technologies Trading Down 11.9%

Shares of PCOR opened at $54.68 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm's 50-day moving average is $55.64 and its two-hundred day moving average is $64.41. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $82.32. The firm has a market capitalization of $8.25 billion, a P/E ratio of -81.61 and a beta of 0.78.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company's quarterly revenue was up 15.7% compared to the same quarter last year. On average, research analysts predict that Procore Technologies will post 0.09 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the sale, the insider directly owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, the director owned 990,983 shares in the company, valued at $50,609,501.81. This represents a 0.58% 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 have sold 148,026 shares of company stock worth $7,783,734 over the last ninety days. 16.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. SJS Investment Consulting Inc. lifted its stake in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after buying an additional 426 shares during the period. Global Retirement Partners LLC lifted its stake in shares of Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock valued at $28,000 after buying an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies during the third quarter valued at approximately $34,000. Jones Financial Companies Lllp lifted its stake in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock valued at $35,000 after buying an additional 199 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at approximately $41,000. 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. 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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