Procore Technologies (NYSE:PCOR) Raised to “Strong-Buy” at Zacks Research

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

PCOR has been the topic of a number of other research reports. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. UBS Group boosted 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. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. BMO Capital Markets raised their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, TD Cowen cut their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Procore Technologies Price Performance

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

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The firm had revenue of $375.21 million for 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%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 earnings per share. On average, analysts anticipate that Procore Technologies will post 0.41 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,943 shares of the 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 transaction, 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. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 Monday, August 10th. The shares were sold at an average price of $57.11, for a total transaction of $3,205,127.42. Following the completion of the sale, the chairman owned 919,704 shares of the company’s stock, valued at $52,524,295.44. This trade represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 231,892 shares of company stock worth $11,613,268 over the last quarter. Insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. SJS Investment Consulting Inc. boosted its holdings in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the 3rd quarter worth about $34,000. Twin Tree Management LP bought a new stake in shares of Procore Technologies during the 2nd quarter worth about $40,000. Allworth Financial LP increased its holdings in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Procore Technologies during the 2nd quarter valued at about $52,000. 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.