Procore Technologies (NYSE:PCOR) Earns “Neutral” Rating from DA Davidson

DA Davidson reissued their neutral rating on shares of Procore Technologies (NYSE:PCOR) in a research note published on Wednesday morning, Benzinga reports. DA Davidson currently has a $60.00 price objective on the stock.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus lowered their price objective on Procore Technologies from $85.00 to $63.00 and set a buy rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price target on shares of Procore Technologies from $90.00 to $75.00 and set an overweight rating on the stock in a research note on Friday, August 2nd. Macquarie restated a neutral rating and set a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. Robert W. Baird started coverage on shares of Procore Technologies in a report on Tuesday, September 24th. They issued an outperform rating and a $73.00 target price for the company. Finally, Piper Sandler cut their price target on shares of Procore Technologies from $74.00 to $63.00 and set an overweight rating on the stock in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies currently has an average rating of Moderate Buy and an average price target of $69.50.

Procore Technologies Stock Up 2.1 %

Shares of NYSE:PCOR opened at $60.28 on Wednesday. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The firm’s 50 day moving average price is $58.68 and its 200 day moving average price is $66.18. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of -62.79 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The company had revenue of $284.30 million for the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.28) EPS. As a group, equities research analysts predict that Procore Technologies will post -0.28 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Benjamin C. Singer sold 2,000 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the insider now directly owns 106,705 shares of the company’s stock, valued at $7,469,350. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the transaction, the insider now directly owns 106,705 shares in the company, valued at $7,469,350. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the sale, the senior vice president now owns 79,156 shares of the company’s stock, valued at approximately $4,681,285.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,890 shares of company stock valued at $5,947,691. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Tanager Wealth Management LLP boosted its position in shares of Procore Technologies by 1.2% during the 2nd quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock worth $834,000 after purchasing an additional 150 shares in the last quarter. Taylor Frigon Capital Management LLC boosted its holdings in Procore Technologies by 0.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock worth $3,570,000 after buying an additional 180 shares in the last quarter. Signaturefd LLC boosted its holdings in Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares in the last quarter. Advisors Asset Management Inc. grew its position in Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S increased its holdings in Procore Technologies by 30.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after buying an additional 297 shares in the last quarter. 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.