Procore Technologies (NYSE:PCOR) Trading 8.3% Higher – What’s Next?

Procore Technologies, Inc. (NYSE:PCOR)’s share price rose 8.3% on Thursday . The stock traded as high as $76.41 and last traded at $76.09. Approximately 2,287,808 shares changed hands during mid-day trading, an increase of 45% from the average daily volume of 1,578,862 shares. The stock had previously closed at $70.26.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Piper Sandler increased their target price on shares of Procore Technologies from $63.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. TD Cowen upped their target price on Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, October 28th. DA Davidson restated a “neutral” rating and issued a $60.00 price target on shares of Procore Technologies in a research report on Wednesday, October 2nd. Scotiabank cut their price objective on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $70.25.

Procore Technologies Stock Up 6.7 %

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 firm has a 50-day simple moving average of $63.46 and a 200 day simple moving average of $63.84.

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

Insider Activity at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $71.04, for a total value of $876,633.60. Following the transaction, the insider now owns 2,284,989 shares in the company, valued at $162,325,618.56. The trade was a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 approximately $5,314,740. This trade represents a 16.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,997 shares of company stock worth $4,497,153 over the last three months. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc increased its stake in Procore Technologies by 3.5% in the third quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after purchasing an additional 143 shares in the last quarter. Tanager Wealth Management LLP raised its position in shares of Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock worth $834,000 after purchasing an additional 150 shares during the period. GAMMA Investing LLC grew its position in Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after purchasing an additional 175 shares during the period. Taylor Frigon Capital Management LLC increased its stake in Procore Technologies by 0.3% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock valued at $3,570,000 after purchasing an additional 180 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the last quarter. 81.10% of the stock is currently 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.