Procore Technologies (NYSE:PCOR) Receives New Coverage from Analysts at Robert W. Baird

Research analysts at Robert W. Baird initiated coverage on shares of Procore Technologies (NYSE:PCOR) in a research note issued on Tuesday, Benzinga reports. The firm set an “outperform” rating and a $73.00 price target on the stock. Robert W. Baird’s price target would indicate a potential upside of 23.96% from the stock’s previous close.

Several other research analysts have also commented on the company. JMP Securities dropped their price target on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research report on Friday, August 2nd. BMO Capital Markets lowered their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Barclays downgraded Procore Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $78.00 to $54.00 in a research report on Friday, August 2nd. The Goldman Sachs Group lowered their price target on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, Piper Sandler dropped their price objective on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.50.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $58.89 on Tuesday. The firm has a market cap of $8.70 billion, a PE ratio of -61.34 and a beta of 0.73. The stock has a 50 day moving average of $60.27 and a 200 day moving average of $67.17. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies has a 12 month low of $48.11 and a 12 month high of $83.35.

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

Insider Activity

In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $160,091.98. Following the transaction, the senior vice president now owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $160,091.98. Following the completion of the sale, the senior vice president now directly owns 79,156 shares in the company, valued at $4,681,285.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Howard Fu sold 1,142 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $68.68, for a total transaction of $78,432.56. Following the transaction, the chief financial officer now owns 181,419 shares in the company, valued at $12,459,856.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 178,688 shares of company stock valued at $11,111,941. Corporate insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tanager Wealth Management LLP boosted its position in Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after purchasing an additional 150 shares in the last quarter. Taylor Frigon Capital Management LLC boosted its holdings in shares of Procore Technologies by 0.3% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock valued at $3,570,000 after buying an additional 180 shares in the last quarter. Signaturefd LLC grew its position in shares of Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after acquiring an additional 260 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in Procore Technologies by 30.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after acquiring an additional 297 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

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.