Procore Technologies (NASDAQ:PCOR) Stock Rating Reaffirmed by Oppenheimer

Oppenheimer reissued their assumes rating on shares of Procore Technologies (NASDAQ:PCOR – Get Rating) in a research note released on Wednesday morning, Benzinga reports.

Several other research analysts have also recently weighed in on PCOR. Barclays decreased their price objective on shares of Procore Technologies from $70.00 to $65.00 and set an overweight rating on the stock in a research report on Tuesday, July 12th. Piper Sandler cut their target price on Procore Technologies from $90.00 to $62.00 in a research note on Monday, July 18th. Jefferies Financial Group cut their target price on Procore Technologies from $90.00 to $75.00 in a research note on Monday, May 23rd. Mizuho cut their target price on Procore Technologies from $70.00 to $57.00 in a research note on Tuesday, July 19th. Finally, JPMorgan Chase & Co. cut their target price on Procore Technologies from $113.00 to $95.00 in a research note on Thursday, June 16th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies has a consensus rating of Moderate Buy and an average price target of $81.64.

Procore Technologies Price Performance

Shares of PCOR stock traded up $1.15 during trading on Wednesday, hitting $50.26. The company had a trading volume of 7,541 shares, compared to its average volume of 927,999. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.04. The stock’s 50-day moving average is $46.62 and its two-hundred day moving average is $54.57. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of -14.04 and a beta of 0.24. Procore Technologies has a 52 week low of $40.00 and a 52 week high of $108.75.

Procore Technologies (NASDAQ:PCOR – Get Rating) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.05. The company had revenue of $159.52 million for the quarter, compared to analysts’ expectations of $150.25 million. Procore Technologies had a negative net margin of 54.32% and a negative return on equity of 23.19%. Procore Technologies’s revenue for the quarter was up 40.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.04) earnings per share. As a group, analysts predict that Procore Technologies will post -1.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 1,698 shares of the stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $42.79, for a total value of $72,657.42. Following the completion of the transaction, the senior vice president now owns 67,159 shares in the company, valued at $2,873,733.61. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, major shareholder Iconiq Strategic Partners Vi, purchased 76,287 shares of Procore Technologies stock in a transaction dated Tuesday, June 14th. The stock was purchased at an average cost of $42.81 per share, for a total transaction of $3,265,846.47. Following the completion of the acquisition, the insider now directly owns 857,031 shares of the company’s stock, valued at $36,689,497.11. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William Fred Fleming, Jr. sold 1,698 shares of the firm’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $42.79, for a total value of $72,657.42. Following the transaction, the senior vice president now owns 67,159 shares of the company’s stock, valued at $2,873,733.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,476 shares of company stock worth $4,972,888. 40.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. bought a new position in shares of Procore Technologies during the first quarter valued at $31,000. First Horizon Advisors Inc. bought a new stake in Procore Technologies in the 1st quarter worth about $37,000. Advisors Asset Management Inc. bought a new stake in Procore Technologies in the 1st quarter worth about $42,000. Ellevest Inc. increased its holdings in Procore Technologies by 13,812.5% in the 2nd quarter. Ellevest Inc. now owns 1,113 shares of the company’s stock worth $51,000 after buying an additional 1,105 shares in the last quarter. Finally, Capricorn Investment Group LLC bought a new stake in Procore Technologies in the 2nd quarter worth about $106,000. 91.35% of the stock is currently owned by institutional investors.

About Procore Technologies

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Procore Technologies, Inc provides 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 Management, 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.