Procore Technologies (NYSE:PCOR) Earns Neutral Rating from Analysts at DA Davidson

Key Points

• Procore Technologies received a "neutral" rating from DA Davidson, with a revised price target of $70.00, indicating a potential upside of 12.79% from its current price.
• Consistently, various analysts have adjusted their price targets for Procore, with ratings ranging from "buy" to "sector outperform," reflecting a general consensus of a "Moderate Buy."
• Procore Technologies reported $0.35 EPS for the quarter, surpassing expectations, and its revenue increased by 13.9% year-over-year, totaling $323.92 million.

Equities research analysts at DA Davidson started coverage on shares of Procore Technologies (NYSE:PCOR - Get Free Report) in a research note issued on Monday, MarketBeat reports. The firm set a "neutral" rating and a $70.00 price target on the stock. DA Davidson's target price indicates a potential upside of 9.33% from the company's previous close.

A number of other analysts have also issued reports on PCOR. Barclays raised their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Citizens Jmp cut shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday. BMO Capital Markets raised 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. Stifel Nicolaus raised their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Arete assumed coverage on shares of Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Procore Technologies Price Performance

NYSE PCOR traded up $1.99 during trading hours on Monday, reaching $64.03. The company's stock had a trading volume of 1,126,587 shares, compared to its average volume of 1,378,620. Procore Technologies has a fifty-two week low of $51.65 and a fifty-two week high of $88.92. The stock has a market cap of $9.55 billion, a PE ratio of -66.62 and a beta of 0.90. The company's 50-day moving average is $69.66 and its two-hundred day moving average is $70.17. 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 (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. During the same quarter last year, the business earned $0.39 earnings per share. Procore Technologies's revenue was up 13.9% compared to the same quarter last year. Analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the sale, the director owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Howard Fu sold 814 shares of the company's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $74.35, for a total transaction of $60,520.90. Following the completion of the sale, the chief financial officer directly owned 197,457 shares of the company's stock, valued at $14,680,927.95. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 672,447 shares of company stock valued at $43,878,843. Corporate insiders own 29.00% of the company's stock.

Institutional Trading of Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Procore Technologies by 277.0% in the 1st 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 during the period. Huntington National Bank increased its holdings in shares of Procore Technologies by 161.6% in 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 during the period. SVB Wealth LLC acquired a new position in shares of Procore Technologies in the 1st quarter valued at about $49,000. Aster Capital Management DIFC Ltd increased its holdings in shares of Procore Technologies by 181.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after purchasing an additional 544 shares during the period. Finally, Ancora Advisors LLC increased its holdings in shares of Procore Technologies by 10,625.0% in the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after purchasing an additional 850 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

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.