BTIG Research Upgrades Procore Technologies (NYSE:PCOR) to Strong-Buy

Procore Technologies (NYSE:PCOR) was upgraded by equities researchers at BTIG Research to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

PCOR has been the subject of a number of other reports. Canaccord Genuity Group upped their price objective on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Berenberg Bank assumed coverage on Procore Technologies in a research report on Friday, October 3rd. They issued a “buy” rating and a $84.00 target price for the company. DA Davidson upgraded shares of Procore Technologies to a “hold” rating in a research report on Friday, November 7th. Robert W. Baird boosted their price objective on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, Piper Sandler increased their target price on shares of Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $84.67.

Procore Technologies Price Performance

PCOR stock opened at $73.43 on Tuesday. The firm has a 50 day simple moving average of $74.14 and a two-hundred day simple moving average of $71.03. The stock has a market cap of $11.42 billion, a PE ratio of -87.41 and a beta of 0.90. Procore Technologies has a one year low of $53.71 and a one year high of $88.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share for the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The company had revenue of $172.21 million for the quarter. On average, analysts predict that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 22,000 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $78.77, for a total value of $1,732,940.00. Following the sale, the senior vice president owned 63,309 shares of the company’s stock, valued at $4,986,849.93. This trade represents a 25.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J.G. Griffith sold 207,474 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the transaction, the director owned 3,244,546 shares in the company, valued at $234,580,675.80. The trade was a 6.01% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 691,739 shares of company stock valued at $50,389,537. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Several large investors have recently modified their holdings of the business. Global Retirement Partners LLC increased its holdings in Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies in the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp increased its stake in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Procore Technologies by 277.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock valued at $35,000 after acquiring an additional 385 shares in the last quarter. Finally, First Horizon Corp purchased a new stake in Procore Technologies in the third quarter worth $49,000. 81.10% of the stock is owned by institutional investors.

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.