Procore Technologies (NYSE:PCOR) Stock Price Up 8.5% – Time to Buy?

Procore Technologies, Inc. (NYSE:PCOR)’s stock price rose 8.5% on Monday. The stock traded as high as $54.83 and last traded at $55.29. 444,488 shares traded hands during trading, a decline of 84% from the average session volume of 2,781,011 shares. The stock had previously closed at $50.95.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PCOR. Guggenheim started coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. BTIG Research reissued a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. UBS Group raised their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Barclays lifted their price target on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a report on Friday. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $69.31.

Procore Technologies Trading Up 0.6%

The company has a fifty day simple moving average of $56.16 and a 200-day simple moving average of $51.37. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of -209.57 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating 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 quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 earnings per share. As a group, analysts anticipate that Procore Technologies, Inc. will post 0.41 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Director Elisa Steele sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the transaction, the director directly owned 58,371 shares in the company, valued at approximately $3,677,373. The trade was a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $62.03, for a total transaction of $477,134.76. Following the sale, the director directly owned 931,362 shares in the company, valued at approximately $57,772,384.86. This trade represents a 0.82% decrease in their ownership of the stock. 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 214,579 shares of company stock worth $11,349,271 in the last quarter. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Procore Technologies in the second quarter worth $300,345,000. Deutsche Bank AG acquired a new stake in Procore Technologies during the second quarter valued at $114,444,000. Assenagon Asset Management S.A. boosted its position in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after purchasing an additional 2,146,182 shares during the last quarter. Bamco Inc. NY purchased a new position in Procore Technologies in the second quarter valued at about $62,116,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Procore Technologies by 158.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock valued at $115,170,000 after purchasing an additional 1,240,247 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.