Procore Technologies (NYSE:PCOR) Raised to Strong-Buy at Guggenheim

Key Points

• Guggenheim upgraded Procore Technologies to a strong-buy rating, even as the broader analyst view remains “Moderate Buy” with a consensus target price of $70.47.
• The stock was down 1.1% to $41.18, while recent analyst notes were mixed: several firms cut price targets, though most still kept buy-equivalent ratings.
• Procore’s latest quarter showed revenue growth of 15.7% to $359.28 million, but earnings of $0.34 per share missed estimates; insiders also sold shares recently, including a large sale by Chairman Craig Courtemanche.

Procore Technologies (NYSE:PCOR - Get Free Report) was upgraded by equities research analysts at Guggenheim to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

Several other research firms also recently weighed in on PCOR. Barclays decreased their price target on shares of Procore Technologies from $65.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, July 13th. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Citigroup restated a "market outperform" rating on shares of Procore Technologies in a report on Tuesday. UBS Group decreased their target price on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group lowered their target price on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and a consensus target price of $70.47.

Procore Technologies Trading Down 1.1%

NYSE PCOR opened at $41.18 on Wednesday. The stock has a market cap of $6.21 billion, a PE ratio of -80.75 and a beta of 0.75. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The company's 50-day moving average price is $44.56 and its 200-day moving average price is $52.78. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company's quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 EPS. Equities research analysts forecast that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Transactions at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares of the company's stock, valued at $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares of the company's stock, valued at $4,836,150. This trade represents a 3.92% decrease in their position. 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. In the last quarter, insiders sold 189,621 shares of company stock valued at $8,791,847. Company insiders own 16.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. SJS Investment Consulting Inc. lifted its stake in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies in the third quarter valued at about $34,000. V Square Quantitative Management LLC bought a new position in Procore Technologies in the fourth quarter worth about $41,000. Allworth Financial LP raised its holdings in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas purchased a new stake in shares of Procore Technologies during the fourth quarter valued at about $54,000. 81.10% of the stock is currently 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. 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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