Procore Technologies (NYSE:PCOR) Rating Increased to Strong-Buy at BTIG Research

BTIG Research upgraded shares of Procore Technologies (NYSE:PCOR) to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. BMO Capital Markets raised their price objective on shares of Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a report on Wednesday, October 8th. DA Davidson raised Procore Technologies to a “hold” rating in a report on Friday, November 7th. Piper Sandler upped their price objective on Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Finally, Berenberg Bank began coverage on Procore Technologies in a research report on Friday, October 3rd. They set a “buy” rating and a $84.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $84.67.

Procore Technologies Stock Performance

Shares of PCOR opened at $73.43 on Tuesday. Procore Technologies has a 1 year low of $53.71 and a 1 year high of $88.92. The stock has a market capitalization of $11.42 billion, a PE ratio of -87.41 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a 50-day simple moving average of $74.14 and a 200-day simple moving average of $71.03.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share for the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The firm had revenue of $172.21 million during the quarter. On average, analysts predict that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO Lawrence Joseph Stack sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total transaction of $753,000.00. Following the transaction, the executive directly owned 184,128 shares in the company, valued at approximately $13,864,838.40. This trade represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Connor Kevin J. O sold 36,196 shares of Procore Technologies stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $78.06, for a total transaction of $2,825,459.76. Following the completion of the transaction, the director directly owned 1,071,749 shares in the company, valued at $83,660,726.94. The trade was a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 691,739 shares of company stock worth $50,389,537 over the last ninety days. 21.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently made changes to their positions in the business. Brighton Jones LLC acquired a new position in Procore Technologies in the 4th quarter valued at about $511,000. LPL Financial LLC grew its stake in shares of Procore Technologies by 16.0% in the 1st quarter. LPL Financial LLC now owns 27,142 shares of the company’s stock valued at $1,792,000 after purchasing an additional 3,743 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Procore Technologies in the first quarter valued at approximately $238,000. American Century Companies Inc. raised its stake in shares of Procore Technologies by 2.2% during the first quarter. American Century Companies Inc. now owns 26,244 shares of the company’s stock worth $1,733,000 after purchasing an additional 555 shares during the last quarter. Finally, Cresset Asset Management LLC lifted its holdings in shares of Procore Technologies by 10.0% during the first quarter. Cresset Asset Management LLC now owns 4,352 shares of the company’s stock worth $287,000 after purchasing an additional 396 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Company Profile

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.