Procore Technologies (NYSE:PCOR) Given "Outperform" Rating at William Blair

Key Points

• Procore Technologies' stock has received an "outperform" rating from William Blair, indicating positive expectations from analysts.
• Several analysts have raised their price targets for Procore, with the average target now set at $83.11, reflecting ongoing market interest in the stock.
• The company's recent quarterly earnings showed a revenue of $172.21 million, though it reported a negative EPS of ($0.19).

Procore Technologies (NYSE:PCOR - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities research analysts at William Blair in a research note issued on Friday,RTT News reports.

PCOR has been the subject of several other research reports. Robert W. Baird raised their price target on shares of Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Stifel Nicolaus raised their price target on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, August 1st. DA Davidson assumed coverage on shares of Procore Technologies in a research note on Monday, August 4th. They set a "neutral" rating and a $70.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Procore Technologies in a research note on Wednesday, October 8th. Finally, BMO Capital Markets lifted their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Fifteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $83.11.

Procore Technologies Price Performance

NYSE:PCOR traded down $0.73 on Friday, hitting $69.89. The company had a trading volume of 1,015,251 shares, compared to its average volume of 1,406,083. The stock has a market capitalization of $10.50 billion, a price-to-earnings ratio of -72.80 and a beta of 0.90. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average of $69.78 and a two-hundred day moving average of $67.87. Procore Technologies has a 52 week low of $53.71 and a 52 week high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. The company had revenue of $172.21 million during the quarter. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. On average, research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 796 shares of Procore Technologies stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $71.02, for a total transaction of $56,531.92. Following the completion of the transaction, the chief financial officer directly owned 188,661 shares in the company, valued at $13,398,704.22. This trade represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin C. Singer sold 1,036 shares of the firm's stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $75.00, for a total transaction of $77,700.00. Following the transaction, the insider directly owned 85,330 shares in the company, valued at $6,399,750. The trade was a 1.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,114 shares of company stock worth $2,228,405. 21.50% of the stock is currently owned by company insiders.

Institutional Trading of Procore Technologies

Several hedge funds have recently added to or reduced their stakes in PCOR. Brighton Jones LLC bought a new stake in Procore Technologies in the fourth quarter worth about $511,000. GAMMA Investing LLC raised its position in shares of Procore Technologies by 66.6% in the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after purchasing an additional 497 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Procore Technologies by 8.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock valued at $508,000 after purchasing an additional 613 shares during the period. Vanderbilt University raised its position in shares of Procore Technologies by 15.8% in the first quarter. Vanderbilt University now owns 57,736 shares of the company's stock valued at $3,812,000 after purchasing an additional 7,861 shares during the period. Finally, Cullinan Associates Inc. bought a new stake in shares of Procore Technologies in the first quarter valued at approximately $1,320,000. Institutional investors 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.

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