Procore Technologies (NYSE:PCOR) Shares Up 7.4% - Still a Buy?

Key Points

• Procore Technologies' shares increased by 7.4% to $75.63 after closing at $70.41, despite a significant drop in trading volume.
• Analysts have a consensus rating of "Moderate Buy" for Procore, with target prices ranging from $70.00 to $95.00.
• Procore reported a Q2 EPS of $0.35, exceeding expectations and reflecting a 13.9% revenue increase year-over-year.

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) rose 7.4% during mid-day trading on Tuesday . The company traded as high as $76.57 and last traded at $75.63. Approximately 486,054 shares were traded during trading, a decline of 67% from the average daily volume of 1,455,152 shares. The stock had previously closed at $70.41.

Wall Street Analysts Forecast Growth

PCOR has been the subject of a number of research analyst reports. Arete initiated coverage on shares of Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 price target for the company. JMP Securities reaffirmed a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a research note on Friday, August 1st. Citizens Jmp downgraded shares of Procore Technologies from an "outperform" rating to a "market perform" 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 objective on the stock. Finally, Piper Sandler upped their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Stock Performance

The stock has a market capitalization of $11.07 billion, a PE ratio of -76.69 and a beta of 0.90. The firm has a 50 day moving average price of $69.09 and a 200-day moving average price of $67.37. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The firm had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. During the same period in the prior year, the company earned $0.39 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, CFO Howard Fu sold 797 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the sale, the chief financial officer directly owned 189,457 shares in the company, valued at approximately $12,096,829.45. The trade was a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,205 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total transaction of $267,732.35. Following the sale, the insider directly owned 86,366 shares of the company's stock, valued at $5,498,923.22. The trade was a 4.64% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,817 shares of company stock worth $3,030,624. 21.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently added to or reduced their stakes in PCOR. Wasatch Advisors LP boosted its holdings in shares of Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after purchasing an additional 1,717,492 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Procore Technologies by 0.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company's stock valued at $224,594,000 after purchasing an additional 23,038 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Procore Technologies by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after purchasing an additional 82,311 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in Procore Technologies by 73.3% in the second quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company's stock valued at $154,590,000 after acquiring an additional 955,450 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Procore Technologies by 25.6% in the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after purchasing an additional 451,238 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.

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