Procore Technologies (NYSE:PCOR) Issues Earnings Results

Procore Technologies (NYSE:PCOR) posted its quarterly earnings results on Wednesday. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11), reports. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.55%. The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $65.66 on Friday. The company has a 50 day simple moving average of $59.99 and a two-hundred day simple moving average of $63.94. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of -131.32 and a beta of 0.73. 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.

Analyst Ratings Changes

A number of analysts have weighed in on the company. TD Cowen upped their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Monday. Baird R W raised Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their target price on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group raised their price target on shares of Procore Technologies from $60.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Stifel Nicolaus reduced their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.94.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 25,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the sale, the director now directly owns 1,380,078 shares of the company’s stock, valued at $79,395,887.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Connor Kevin J. O sold 25,000 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $57.53, for a total value of $1,438,250.00. Following the completion of the transaction, the director now owns 1,380,078 shares of the company’s stock, valued at approximately $79,395,887.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of Procore Technologies stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 793,123 shares in the company, valued at $46,905,294.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,748 shares of company stock worth $5,661,056 over the last 90 days. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in PCOR. Kornitzer Capital Management Inc. KS raised its stake 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 valued at $10,850,000 after purchasing an additional 35,000 shares during the last quarter. Olympiad Research LP raised its position in shares of Procore Technologies by 42.4% in the third quarter. Olympiad Research LP now owns 9,899 shares of the company’s stock valued at $611,000 after buying an additional 2,947 shares during the last quarter. WoodTrust Financial Corp purchased a new position in shares of Procore Technologies in the third quarter worth about $201,000. Malaga Cove Capital LLC purchased a new position in shares of Procore Technologies in the third quarter worth about $277,000. Finally, Harbor Capital Advisors Inc. boosted its position in Procore Technologies by 184.9% during the third quarter. Harbor Capital Advisors Inc. now owns 83,747 shares of the company’s stock worth $5,169,000 after acquiring an additional 54,350 shares during the last quarter. Institutional investors and hedge funds 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.