Procore Technologies (NYSE:PCOR) Upgraded by Wall Street Zen to Buy Rating

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

A number of other equities research analysts have also commented on PCOR. The Goldman Sachs Group decreased their price objective on Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, February 9th. TD Cowen upped their target price on Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a report on Friday, February 13th. KeyCorp decreased their price target on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Barclays lowered their price objective on shares of 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, Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Seventeen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $77.05.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $54.35 on Friday. The company’s fifty day moving average is $56.43 and its two-hundred day moving average is $67.50. The company has a market cap of $8.16 billion, a P/E ratio of -81.13 and a beta of 0.90. 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.

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

Insider Activity

In other Procore Technologies news, 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 completion of the transaction, the chairman owned 927,580 shares of the company’s stock, valued at $53,085,403.40. The trade was a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Connor Kevin J. O sold 9,615 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $54.48, for a total transaction of $523,825.20. Following the sale, the director owned 1,012,136 shares of the company’s stock, valued at $55,141,169.28. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 94,641 shares of company stock worth $5,369,546. Insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its holdings 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 worth $28,000 after buying an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter worth $34,000. Jones Financial Companies Lllp grew its stake in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies during the fourth quarter worth $41,000. Finally, Allworth Financial LP raised its stake in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the last quarter. Institutional investors 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.