Procore Technologies (NYSE:PCOR) Coverage Initiated at Robert W. Baird

Equities research analysts at Robert W. Baird began coverage on shares of Procore Technologies (NYSE:PCOR) in a research note issued to investors on Tuesday, Benzinga reports. The brokerage set an “outperform” rating and a $73.00 price target on the stock. Robert W. Baird’s price target indicates a potential upside of 23.96% from the company’s current price.

Several other equities analysts also recently issued reports on PCOR. Scotiabank cut their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Piper Sandler cut their price objective on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. The Goldman Sachs Group decreased their target price on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Mizuho reiterated a “neutral” rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. Finally, BMO Capital Markets reduced their price target on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $58.89 on Tuesday. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a market cap of $8.70 billion, a PE ratio of -61.34 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. The business has a 50-day simple moving average of $60.27 and a two-hundred day simple moving average of $67.17.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. The company had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. Procore Technologies’s revenue for the quarter was up 24.4% on a year-over-year basis. During the same period last year, the business earned ($0.28) EPS. As a group, equities analysts expect that Procore Technologies will post -0.28 EPS for the current fiscal year.

Insider Activity

In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the completion of the transaction, the director now owns 1,360,848 shares in the company, valued at approximately $79,582,391.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $58.48, for a total value of $299,885.44. Following the sale, the director now owns 1,360,848 shares of the company’s stock, valued at approximately $79,582,391.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total transaction of $521,030.44. Following the transaction, the director now owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. The disclosure for this sale can be found here. Insiders have sold 178,688 shares of company stock worth $11,111,941 in the last ninety days. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sycomore Asset Management raised its holdings in shares of Procore Technologies by 61.1% during the second quarter. Sycomore Asset Management now owns 174,723 shares of the company’s stock valued at $11,016,000 after acquiring an additional 66,248 shares during the last quarter. Ariadne Wealth Management LP purchased a new position in Procore Technologies in the 2nd quarter valued at $501,000. Quarry LP boosted its stake in Procore Technologies by 984.6% during the 2nd quarter. Quarry LP now owns 1,128 shares of the company’s stock worth $75,000 after purchasing an additional 1,024 shares during the last quarter. Algert Global LLC boosted its stake in Procore Technologies by 15.8% during the 2nd quarter. Algert Global LLC now owns 34,006 shares of the company’s stock worth $2,255,000 after purchasing an additional 4,646 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC grew its holdings in shares of Procore Technologies by 26.6% during the second quarter. Susquehanna Fundamental Investments LLC now owns 45,731 shares of the company’s stock worth $3,032,000 after buying an additional 9,596 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other 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.