Procore Technologies (NYSE:PCOR) Reaches New 52-Week High After Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR)’s stock price reached a new 52-week high on Saturday after UBS Group raised their price target on the stock from $105.00 to $110.00. UBS Group currently has a buy rating on the stock. Procore Technologies traded as high as $87.90 and last traded at $87.48, with a volume of 4580396 shares trading hands. The stock had previously closed at $75.10.

PCOR has been the topic of a number of other research reports. JMP Securities reissued a “market outperform” rating and issued a $90.00 price objective on shares of Procore Technologies in a report on Friday, February 7th. The Goldman Sachs Group lifted their price objective on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Robert W. Baird lifted their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Stifel Nicolaus boosted their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, BMO Capital Markets boosted their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.65.

Insider Activity at Procore Technologies

In other news, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $76.18, for a total transaction of $114,270.00. Following the completion of the sale, the insider now directly owns 84,539 shares in the company, valued at $6,440,181.02. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Howard Fu sold 7,809 shares of Procore Technologies stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $557,250.24. Following the sale, the chief financial officer now owns 164,188 shares of the company’s stock, valued at approximately $11,716,455.68. This trade represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 114,656 shares of company stock worth $8,776,297 over the last 90 days. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PCOR. GAMMA Investing LLC lifted its position in Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after buying an additional 175 shares in the last quarter. Creative Planning acquired a new position in Procore Technologies during the third quarter valued at approximately $234,000. V Square Quantitative Management LLC acquired a new position in Procore Technologies during the third quarter valued at approximately $26,000. Raymond James & Associates lifted its position in Procore Technologies by 3.0% during the third quarter. Raymond James & Associates now owns 47,982 shares of the company’s stock valued at $2,961,000 after buying an additional 1,386 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in Procore Technologies by 6,069.2% during the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after buying an additional 789 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Trading Up 16.5 %

The stock has a market capitalization of $13.01 billion, a price-to-earnings ratio of -174.96 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The business’s 50-day simple moving average is $77.63 and its two-hundred day simple moving average is $68.58.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The firm had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. On average, research analysts anticipate that Procore Technologies, Inc. will post -0.22 earnings per share for the current fiscal year.

Procore Technologies Company Profile

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.