Procore Technologies (NYSE:PCOR) Hits New 1-Year High – Here’s Why

Procore Technologies, Inc. (NYSE:PCOR) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $83.42 and last traded at $83.42, with a volume of 796 shares traded. The stock had previously closed at $82.67.

Analyst Upgrades and Downgrades

Several research firms recently commented on PCOR. Robert W. Baird began coverage on Procore Technologies in a report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 target price on the stock. Stifel Nicolaus lifted their target price on Procore Technologies from $70.00 to $84.00 and gave the company a “buy” rating in a report on Friday, November 22nd. UBS Group started coverage on Procore Technologies in a research report on Monday. They set a “buy” rating and a $105.00 price objective for the company. The Goldman Sachs Group increased their price target on shares of Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, DA Davidson lifted their price target on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.65.

Procore Technologies Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The company has a market capitalization of $12.70 billion, a price-to-earnings ratio of -169.82 and a beta of 0.82. The stock has a fifty day simple moving average of $67.31 and a 200-day simple moving average of $64.53.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The business had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. On average, equities research analysts anticipate that Procore Technologies, Inc. will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 15,000 shares of Procore Technologies stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total value of $1,061,250.00. Following the completion of the transaction, the senior vice president now directly owns 75,120 shares of the company’s stock, valued at $5,314,740. The trade was a 16.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Connor Kevin J. O sold 8,974 shares of Procore Technologies stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now directly owns 1,371,104 shares of the company’s stock, valued at approximately $79,606,298.24. This represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,553 shares of company stock valued at $7,933,974 in the last three months. 29.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Synovus Financial Corp boosted its stake in shares of Procore Technologies by 24.3% in the 3rd quarter. Synovus Financial Corp now owns 6,465 shares of the company’s stock valued at $399,000 after buying an additional 1,262 shares during the period. Tidal Investments LLC boosted its stake in shares of Procore Technologies by 237.8% in the 3rd quarter. Tidal Investments LLC now owns 17,538 shares of the company’s stock valued at $1,082,000 after buying an additional 12,346 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Procore Technologies in the 3rd quarter valued at about $227,000. Coldstream Capital Management Inc. purchased a new stake in Procore Technologies during the third quarter worth approximately $235,000. Finally, Geode Capital Management LLC lifted its stake in Procore Technologies by 10.9% during the third quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after purchasing an additional 168,769 shares during the last quarter. Hedge funds and other 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.