Procore Technologies (NYSE:PCOR) Given "Market Perform" Rating at JMP Securities

Key Points

• Procore Technologies has had its "market perform" rating reiterated by JMP Securities, who has set a price target of $95.00, suggesting a potential upside of 48.19% from its current price.
• In its latest earnings report, Procore Technologies posted a 13.9% increase in revenue year-over-year, reporting $323.92 million, surpassing analysts' expectations.
• Insider trading activity shows significant selling, with over 672,000 shares sold by insiders in the last quarter, indicating a potential lack of confidence among top executives.

Procore Technologies (NYSE:PCOR - Get Free Report)'s stock had its "market perform" rating reissued by JMP Securities in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $95.00 price objective on the stock. JMP Securities' price objective suggests a potential upside of 47.86% from the stock's previous close.

A number of other brokerages also recently issued reports on PCOR. Mizuho reduced their price objective on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Scotiabank reduced their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. KeyCorp boosted their price objective on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday. Barclays boosted their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, UBS Group cut their price objective on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Trading Up 2.0%

Shares of NYSE PCOR traded up $1.26 during mid-day trading on Friday, hitting $64.25. The stock had a trading volume of 4,958,653 shares, compared to its average volume of 1,426,865. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. Procore Technologies has a 1 year low of $51.65 and a 1 year high of $88.92. The business has a 50 day moving average price of $69.57 and a two-hundred day moving average price of $70.07. The firm has a market cap of $9.58 billion, a P/E ratio of -66.93 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.61%. The company had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. During the same period in the previous year, the firm earned $0.39 earnings per share. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the sale, the director owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction that occurred on 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 owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. The trade was a 5.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,447 shares of company stock valued at $43,878,843 in the last 90 days. 29.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after purchasing an additional 385 shares in the last quarter. Huntington National Bank boosted its stake in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after purchasing an additional 404 shares during the period. SVB Wealth LLC purchased a new stake in shares of Procore Technologies during the first quarter valued at $49,000. Hilltop National Bank purchased a new stake in shares of Procore Technologies during the second quarter valued at $62,000. Finally, Aster Capital Management DIFC Ltd raised its holdings in shares of Procore Technologies by 181.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after acquiring an additional 544 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.