Procore Technologies (NYSE:PCOR) Sees Large Volume Increase After Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR) saw unusually-high trading volume on Tuesday after Barclays raised their price target on the stock from $50.00 to $60.00. Barclays currently has an overweight rating on the stock. 8,104,461 shares traded hands during trading, an increase of 194% from the previous session’s volume of 2,760,942 shares.The stock last traded at $55.9690 and had previously closed at $55.26.

A number of other research analysts also recently issued reports on the company. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. The Goldman Sachs Group lowered their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Guggenheim began coverage on shares of Procore Technologies in a report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target for the company in a research report on Wednesday, April 29th. Finally, Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $70.44.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares of the company’s stock, valued at $40,375,005.60. This represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 189,621 shares of company stock valued at $8,791,847. Company insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PCOR. Brighton Jones LLC purchased a new position in Procore Technologies during the 4th quarter valued at about $511,000. Goldman Sachs Group Inc. lifted its holdings in shares of Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after buying an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after acquiring an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after acquiring an additional 269 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Price Performance

The business’s 50-day moving average price is $45.02 and its 200 day moving average price is $51.64. The company has a market capitalization of $8.47 billion, a P/E ratio of -215.85 and a beta of 0.70. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the prior year, the firm posted $0.35 EPS. Procore Technologies’s revenue was up 15.8% on a year-over-year basis. Analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

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.