Procore Technologies (NYSE:PCOR) Stock Rating Upgraded by Zacks Research

Procore Technologies (NYSE:PCOR) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other research analysts also recently commented on the company. The Goldman Sachs Group cut their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Jefferies Financial Group reduced their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. UBS Group raised their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st. Barclays increased their price objective on Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Finally, Citigroup restated a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Procore Technologies Stock Down 4.4%

NYSE PCOR opened at $57.93 on Thursday. The firm has a market cap of $8.80 billion, a P/E ratio of -222.81 and a beta of 0.74. The company’s 50 day moving average is $52.40 and its 200-day moving average is $51.86. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. The business 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%. Procore Technologies’s revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 EPS. Equities analysts expect that Procore Technologies will post 0.41 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Director Kevin O’Connor sold 7,692 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $62.03, for a total value of $477,134.76. Following the transaction, the director owned 931,362 shares in the company, valued at approximately $57,772,384.86. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin Singer sold 3,943 shares of Procore Technologies stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the completion of the sale, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. This represents a 4.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 231,892 shares of company stock worth $11,613,268. 16.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. Argos Wealth Advisors LLC boosted its holdings in Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after acquiring an additional 195 shares in the last quarter. Intellectus Partners LLC increased its holdings in Procore Technologies by 1.6% in the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock worth $924,000 after buying an additional 200 shares in the last quarter. Allworth Financial LP raised its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the last quarter. Vident Advisory LLC lifted its stake in Procore Technologies by 6.0% during the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock valued at $281,000 after acquiring an additional 219 shares during the period. Finally, George Kaiser Family Foundation boosted its holdings in shares of Procore Technologies by 0.5% during the 4th quarter. George Kaiser Family Foundation now owns 52,306 shares of the company’s stock valued at $3,805,000 after acquiring an additional 241 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

About Procore Technologies

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.