Procore Technologies’ (PCOR) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Procore Technologies (NYSE:PCOR) in a report issued on Monday,Benzinga reports. They currently have a $65.00 price target on the stock.

PCOR has been the topic of a number of other research reports. DA Davidson set a $56.00 price target on Procore Technologies in a research report on Monday, September 28th. TD Cowen reduced their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Piper Sandler initiated coverage on shares of Procore Technologies in a research note on Monday, September 28th. They set an “overweight” rating and a $68.00 price objective on the stock. UBS Group raised their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Zacks Research upgraded shares of Procore Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.31.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $54.81 on Monday. The company has a market capitalization of $8.33 billion, a P/E ratio of -210.82 and a beta of 0.78. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The business’s 50 day simple moving average is $56.25 and its 200 day simple moving average is $51.34.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company’s revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the company earned $0.35 EPS. On average, sell-side analysts anticipate that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity

In related news, Director Connor Kevin J. O sold 15,386 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the transaction, the director directly owned 946,746 shares in the company, valued at $52,004,757.78. This represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the transaction, the director directly owned 58,371 shares of the company’s stock, valued at approximately $3,677,373. The trade was a 2.51% 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 90 days, insiders have sold 222,271 shares of company stock valued at $11,760,793. Corporate insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCOR. SJS Investment Consulting Inc. increased its holdings in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of Procore Technologies in the second quarter worth approximately $40,000. Root Financial Partners LLC lifted its stake in shares of Procore Technologies by 11,150.0% in the first quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock worth $64,000 after acquiring an additional 1,115 shares during the period. Global Retirement Partners LLC bought a new stake in Procore Technologies in the second quarter valued at approximately $52,000. Finally, Versant Capital Management Inc increased its position in Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after purchasing an additional 529 shares during the period. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.