Procore Technologies (NYSE:PCOR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Procore Technologies (NYSE:PCOR) from a hold rating to a buy rating in a research report released on Saturday morning.

A number of other equities research analysts also recently commented on the stock. TD Cowen lifted their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, February 13th. BTIG Research restated a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, March 11th. UBS Group lowered their target price on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Canaccord Genuity Group cut their price target on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Finally, Piper Sandler decreased their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Sixteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.33.

Procore Technologies Stock Up 2.7%

PCOR opened at $55.73 on Friday. The firm has a market cap of $8.37 billion, a P/E ratio of -83.18 and a beta of 0.90. The business’s fifty day simple moving average is $56.18 and its 200 day simple moving average is $67.39. Procore Technologies has a 52 week low of $46.08 and a 52 week 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.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.01 EPS. As a group, equities research analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the transaction, the director owned 1,012,136 shares in the company, valued at $55,141,169.28. This trade represents a 0.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total transaction of $3,211,804.83. Following the sale, the chairman directly owned 927,580 shares of the company’s stock, valued at $53,085,403.40. This represents a 5.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 94,641 shares of company stock worth $5,369,546. 21.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC increased its stake in Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after acquiring an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies in the 3rd quarter worth about $34,000. Jones Financial Companies Lllp lifted 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 valued at $35,000 after purchasing an additional 199 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies during the 4th quarter worth about $41,000. Finally, Allworth Financial LP grew its holdings in shares of 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 purchasing an additional 204 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. 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.