Procore Technologies, Inc. (NYSE:PCOR) Short Interest Up 18.6% in March

Procore Technologies, Inc. (NYSE:PCOR) saw a significant growth in short interest in March. As of March 31st, there was short interest totaling 13,822,402 shares, a growth of 18.6% from the March 15th total of 11,653,439 shares. Based on an average daily volume of 1,813,911 shares, the short-interest ratio is currently 7.6 days. Approximately 11.7% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. BMO Capital Markets cut their price objective on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Barclays lowered their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. DA Davidson lowered their target price on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Fifteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $75.82.

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the transaction, the insider directly owned 64,660 shares in the company, valued at $3,233,000. This represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the completion of the transaction, the chairman owned 927,580 shares in the company, valued at $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 155,718 shares of company stock worth $8,278,407. Corporate insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in PCOR. Global Retirement Partners LLC lifted its stake in Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after acquiring an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies in the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp grew its position in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Procore Technologies in the 4th quarter valued at about $41,000. Finally, Allworth Financial LP grew its position in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares during the period. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Up 3.2%

Shares of PCOR stock traded up $1.73 during trading hours on Friday, hitting $55.38. 1,905,571 shares of the company were exchanged, compared to its average volume of 2,026,915. The business has a 50 day moving average of $54.80 and a two-hundred day moving average of $65.69. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies has a 52 week low of $46.08 and a 52 week high of $82.32. The company has a market capitalization of $8.31 billion, a PE ratio of -82.66 and a beta of 0.85.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The firm’s revenue was up 15.6% compared to the same quarter last year. Analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

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. 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.