Procore Technologies (NYSE:PCOR) Upgraded to Hold at Zacks Research

Procore Technologies (NYSE:PCOR) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

PCOR has been the subject of a number of other reports. BTIG Research restated a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, March 11th. UBS Group reduced their price objective on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. BMO Capital Markets lowered their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Barclays reduced their price target on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Finally, Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Seventeen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $77.05.

Procore Technologies Trading Up 0.1%

Shares of PCOR stock opened at $58.79 on Wednesday. The business has a 50-day moving average price of $58.20 and a two-hundred day moving average price of $68.04. Procore Technologies has a 12-month low of $46.08 and a 12-month high of $82.32. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm has a market cap of $8.82 billion, a P/E ratio of -87.75 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The firm had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.01 EPS. Equities analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $57.25, for a total value of $440,367.00. Following the sale, the director directly owned 1,004,444 shares in the company, valued at approximately $57,504,419. This trade represents a 0.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total value of $3,211,804.83. Following the transaction, the chairman directly owned 927,580 shares in the company, valued at $53,085,403.40. This trade represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 95,437 shares of company stock worth $5,428,784. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC boosted its position in shares of Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies in the 3rd quarter worth about $34,000. Jones Financial Companies Lllp increased its stake in shares of Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Procore Technologies during the 4th quarter valued at about $41,000. Finally, Allworth Financial LP grew its holdings in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.