Procore Technologies (NYSE:PCOR) Rating Increased to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Procore Technologies (NYSE:PCOR) to a strong-buy rating in a report released on Monday morning,Zacks reports.

Other equities research analysts have also recently issued research reports about the company. Zacks Research raised Procore Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. BTIG Research reiterated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. Jefferies Financial Group dropped their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Finally, TD Cowen cut their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Procore Technologies currently has an average rating of “Buy” and an average target price of $70.12.

Procore Technologies Trading Down 7.3%

Procore Technologies stock opened at $52.62 on Monday. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The stock has a market cap of $8.00 billion, a price-to-earnings ratio of -202.37 and a beta of 0.74. The company’s 50-day moving average price is $54.07 and its two-hundred day moving average price is $52.01.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS. Research analysts expect that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, Director Kevin O’Connor sold 7,692 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total transaction of $477,134.76. Following the completion of the sale, the director directly owned 931,362 shares of the company’s stock, valued at $57,772,384.86. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin Singer sold 3,943 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 220,348 shares of company stock worth $11,591,165. 16.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently made changes to their positions in the company. Whetstone Capital Advisors LLC purchased a new position in shares of Procore Technologies during the 2nd quarter valued at $1,990,000. Engineers Gate Manager LP acquired a new position in shares of Procore Technologies in the second quarter worth $971,000. Squarepoint Ops LLC raised its holdings in shares of Procore Technologies by 21.6% during the second quarter. Squarepoint Ops LLC now owns 305,837 shares of the company’s stock worth $12,423,000 after acquiring an additional 54,285 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Procore Technologies by 3.8% during the second quarter. Arizona State Retirement System now owns 32,098 shares of the company’s stock worth $1,304,000 after acquiring an additional 1,162 shares in the last quarter. Finally, Nykredit A S acquired a new stake in Procore Technologies during the second quarter valued at $145,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.