Procore Technologies (PCOR) Scheduled to Announce Earnings on Wednesday

Procore Technologies (NYSE:PCOR) released its quarterly earnings results on Wednesday, May 4th. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.05, reports. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The company had revenue of $159.52 million during the quarter, compared to the consensus estimate of $150.25 million. During the same period in the previous year, the business earned ($0.04) earnings per share. The firm’s quarterly revenue was up 40.0% on a year-over-year basis.

Procore Technologies Stock Up 0.1 %

Shares of NYSE PCOR traded up $0.06 during trading on Tuesday, hitting $66.67. 526,231 shares of the company traded hands, compared to its average volume of 1,548,787. The business’s fifty day moving average is $60.20 and its 200 day moving average is $63.75. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $83.35. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of -133.22 and a beta of 0.71. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of recent analyst reports. Stifel Nicolaus decreased their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Scotiabank decreased their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. DA Davidson reaffirmed a “neutral” rating and set a $60.00 target price on shares of Procore Technologies in a research note on Wednesday, October 2nd. TD Cowen boosted their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $69.94.

Insider Activity

In other news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the company’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 $1,359,806.02. Following the transaction, the chief executive officer now owns 793,123 shares in the company, valued at approximately $46,905,294.22. This 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 accessible through this link. In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’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 directly owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the sale, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at approximately $46,905,294.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,419 shares of company stock worth $6,289,671. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PCOR. Entropy Technologies LP grew its position in Procore Technologies by 111.2% in the 3rd quarter. Entropy Technologies LP now owns 27,790 shares of the company’s stock worth $1,715,000 after purchasing an additional 14,634 shares in the last quarter. Lountzis Asset Management LLC bought a new stake in Procore Technologies in the 3rd quarter worth about $6,160,000. Atria Investments Inc grew its position in Procore Technologies by 11.9% in the 3rd quarter. Atria Investments Inc now owns 4,950 shares of the company’s stock worth $306,000 after purchasing an additional 527 shares in the last quarter. Kornitzer Capital Management Inc. KS grew its position in Procore Technologies by 24.9% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 175,800 shares of the company’s stock worth $10,850,000 after purchasing an additional 35,000 shares in the last quarter. Finally, Olympiad Research LP grew its position in Procore Technologies by 42.4% in the 3rd quarter. Olympiad Research LP now owns 9,899 shares of the company’s stock worth $611,000 after purchasing an additional 2,947 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

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.