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

Procore Technologies (NYSE:PCOR) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also recently weighed in on PCOR. DA Davidson dropped their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, February 13th. BMO Capital Markets reduced their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday, February 5th. Piper Sandler decreased their price target on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Barclays dropped their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Finally, BTIG Research reissued a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a report on Wednesday, March 11th. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.05.

Procore Technologies Stock Down 1.6%

NYSE PCOR opened at $57.78 on Wednesday. The stock has a fifty day moving average of $58.20 and a 200-day moving average of $68.04. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $8.67 billion, a P/E ratio of -86.24 and a beta of 0.90. Procore Technologies has a 52 week low of $46.08 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. Procore Technologies’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.01 EPS. On average, equities research analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity

In other news, insider Benjamin C. Singer sold 4,225 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at approximately $3,233,000. The trade was a 6.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $57.25, for a total transaction of $440,367.00. Following the sale, the director directly owned 1,004,444 shares of the company’s stock, valued at approximately $57,504,419. This trade represents a 0.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 95,437 shares of company stock worth $5,428,784. 21.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC boosted its holdings in shares of 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 acquiring an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies in the 3rd quarter valued at approximately $34,000. Jones Financial Companies Lllp raised 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 acquiring an additional 199 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies during the fourth quarter worth $41,000. Finally, Allworth Financial LP increased its holdings in Procore Technologies by 48.2% in the fourth 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 period. Institutional investors own 81.10% of the company’s stock.

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.