Procore Technologies (NYSE:PCOR) Stock Rating Upgraded by Loop Capital

Procore Technologies (NYSE:PCOR) was upgraded by equities researchers at Loop Capital from a “hold” rating to a “buy” rating in a research note issued on Thursday, Marketbeat reports. The firm presently has a $93.00 price target on the stock. Loop Capital‘s price target would suggest a potential upside of 23.46% from the company’s current price.

A number of other analysts have also commented on the stock. Jefferies Financial Group decreased their price target 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. Piper Sandler began coverage on shares of Procore Technologies in a report on Monday, September 28th. They set an “overweight” rating and a $68.00 price objective for the company. Cantor Fitzgerald lifted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, October 16th. Griffin Securities began coverage on shares of Procore Technologies in a research report on Wednesday, October 28th. They issued a “buy” rating and a $82.00 price target on the stock. Finally, Barclays increased their price objective on Procore Technologies from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Eighteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $80.35.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded down $0.28 during trading on Thursday, hitting $75.33. 4,049,430 shares of the company traded hands, compared to its average volume of 3,008,882. The firm has a market capitalization of $11.45 billion, a price-to-earnings ratio of -327.49 and a beta of 0.75. The business’s fifty day moving average is $57.53 and its 200 day moving average is $53.50. Procore Technologies has a fifty-two week low of $38.03 and a fifty-two week high of $80.40.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. The business had revenue of $402.31 million during the quarter, compared to analyst estimates of $384.38 million. During the same period in the previous year, the company posted $0.42 EPS. The firm’s revenue was up 18.7% compared to the same quarter last year. On average, analysts predict that Procore Technologies will post 0.44 EPS for the current year.

Insider Transactions at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Elisa Steele sold 3,337 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $69.10, for a total value of $230,586.70. Following the transaction, the director directly owned 55,034 shares of the company’s stock, valued at $3,802,849.40. The trade was a 5.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 212,808 shares of company stock valued at $12,026,454. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Diversified Trust Co bought a new position in Procore Technologies in the 3rd quarter worth $339,000. Aberdeen Group plc bought a new stake in shares of Procore Technologies in the third quarter worth about $17,688,000. William Blair Investment Management LLC bought a new position in Procore Technologies during the third quarter valued at approximately $86,864,000. Marble Harbor Investment Counsel LLC grew its holdings in Procore Technologies by 7.1% during the 3rd quarter. Marble Harbor Investment Counsel LLC now owns 136,848 shares of the company’s stock valued at $7,078,000 after buying an additional 9,087 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in Procore Technologies by 128.3% during the 3rd quarter. Allworth Financial LP now owns 799 shares of the company’s stock valued at $41,000 after buying an additional 449 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

More Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. Director share sale

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.