Procore Technologies (NYSE:PCOR) Stock Rating Upgraded by Guggenheim

Procore Technologies (NYSE:PCOR) was upgraded by analysts at Guggenheim to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the company. The Goldman Sachs Group reduced their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Piper Sandler lowered their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a report on Tuesday. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies Price Performance

NYSE PCOR opened at $41.18 on Wednesday. The firm’s fifty day simple moving average is $44.56 and its two-hundred day simple moving average is $52.78. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32. The firm has a market capitalization of $6.21 billion, a P/E ratio of -80.75 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. During the same quarter in the prior year, the company posted $0.23 EPS. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. Analysts forecast that Procore Technologies will post 0.06 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,775 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the transaction, the director owned 979,439 shares in the company, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock valued at $8,791,847 in the last ninety days. Company insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. SJS Investment Consulting Inc. boosted its position in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies in the 3rd quarter worth approximately $34,000. V Square Quantitative Management LLC purchased a new position in Procore Technologies during the 4th quarter worth approximately $41,000. Allworth Financial LP raised its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas acquired a new stake in Procore Technologies during the 4th quarter valued at approximately $54,000. 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. 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.