Stocks of Procore Technologies Inc. (PCOR) are poised to climb above their peers

Procore Technologies Inc. (NYSE: PCOR) stock jumped 0.68% on Thursday to $63.52 against a previous-day closing price of $63.09. With 0.81 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.9 million shares. The 52-week range on PCOR shows that it touched its highest point at $76.86 and its lowest point at $41.80 during that stretch. It currently has a 1-year price target of $83.69. Beta for the stock currently stands at 0.69.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of PCOR was down-trending over the past week, with a drop of -6.01%, but this was up by 1.23% over a month. Three-month performance dropped to -5.43% while six-month performance rose 8.41%. The stock gained 11.17% in the past year, while it has gained 34.63% so far this year. A look at the trailing 12-month EPS for PCOR yields -1.86 with Next year EPS estimates of -0.02. For the next quarter, that number is -0.06. This implies an EPS growth rate of -6.20% for this year and 81.80% for next year.

Float and Shares Shorts:

At present, 141.24 million PCOR shares are outstanding with a float of 131.75 million shares on hand for trading. On Aug 30, 2023, short shares totaled 5.27 million, which was 3.70% higher than short shares on Jul 30, 2023. In addition to Mr. Craig F. Courtemanche Jr. as the firm’s Founder, Chairman, CEO & Pres, Mr. Steven S. Davis serves as its Pres of Product & Technology.

Institutional Ownership:

Through their ownership of 83.88% of PCOR’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 79.76% of PCOR, in contrast to 51.87% held by mutual funds. Shares owned by individuals account for 26.14%. As the largest shareholder in PCOR with 27.54% of the stake, Iconiq Capital LLC holds 38,691,710 shares worth 38,691,710. A second-largest stockholder of PCOR, T. Rowe Price Associates, Inc., holds 9,756,003 shares, controlling over 6.94% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in PCOR, holding 7,431,883 shares or 5.29% stake. With a 5.53% stake in PCOR, the T Rowe Price New Horizons Fund is the largest stakeholder. A total of 7,765,735 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 1.74% of PCOR stock, is the second-largest Mutual Fund holder. It holds 2,439,921 shares valued at 185.07 million. Vanguard Small Cap Index Fund holds 1.43% of the stake in PCOR, owning 2,004,315 shares worth 152.03 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, PCOR reported revenue of $172.21M and operating income of -$72.30M. The EBITDA in the recently reported quarter was -$56.90M and diluted EPS was -$0.54.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for PCOR since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With PCOR analysts setting a high price target of $90.00 and a low target of $75.00, the average target price over the next 12 months is $83.69. Based on these targets, PCOR could surge 41.69% to reach the target high and rise by 18.07% to reach the target low. Reaching the average price target will result in a growth of 31.75% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded PCOR stock several times over the past three months with 0 Buys and 21 Sells. In these transactions, 0 shares were bought while 5,135,920 shares were sold. The number of buy transactions has increased to 16 while that of sell transactions has risen to 108 over the past year. The total number of shares bought during that period was 533,741 while 18,022,176 shares were sold.

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