Procore Technologies (NYSE:PCOR) Earns "Market Perform" Rating from 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 reaffirmed by equities research analysts at JMP Securities in a report issued on Friday,Benzinga reports. They presently have a $95.00 price objective on the stock. JMP Securities' price objective would indicate a potential upside of 53.08% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. BMO Capital Markets upped their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday. Piper Sandler raised their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday. Mizuho cut their target price on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Robert W. Baird lifted their target price on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. cut their price target on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $82.50.

Procore Technologies Stock Down 13.4%

Shares of PCOR traded down $9.57 during midday trading on Friday, hitting $62.06. The stock had a trading volume of 7,116,339 shares, compared to its average volume of 1,344,716. The firm has a market cap of $9.26 billion, a price-to-earnings ratio of -64.65 and a beta of 0.90. The company has a 50 day simple moving average of $69.66 and a two-hundred day simple moving average of $70.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share 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 analysts' expectations of $311.91 million. During the same quarter in the previous year, the firm posted $0.39 earnings per share. Procore Technologies's revenue for the quarter was up 13.9% on a year-over-year basis. On average, analysts anticipate that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the sale, the insider owned 3,137,255 shares in the company, valued at $203,168,633.80. This represents a 5.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn Bueker sold 7,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total transaction of $507,010.00. Following the transaction, the director owned 16,932 shares of the company's stock, valued at $1,226,384.76. This trade represents a 29.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 672,447 shares of company stock valued at $43,878,843. 29.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its position in Procore Technologies by 277.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock worth $35,000 after purchasing an additional 385 shares during the period. Huntington National Bank lifted its holdings in shares of Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after purchasing an additional 404 shares in the last quarter. SVB Wealth LLC bought a new stake in Procore Technologies in the 1st quarter valued at approximately $49,000. Aster Capital Management DIFC Ltd increased its position in shares of Procore Technologies by 181.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock worth $63,000 after purchasing an additional 544 shares during the last quarter. Finally, Ancora Advisors LLC increased its holdings in shares of Procore Technologies by 10,625.0% during the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after acquiring an additional 850 shares during the last quarter. Institutional investors and hedge funds 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.