Wall Street Zen Upgrades Procore Technologies (NYSE:PCOR) to “Buy”

Procore Technologies (NYSE:PCOR) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

PCOR has been the topic of several other reports. JMP Securities reaffirmed a “market perform” rating and issued a $95.00 target price on shares of Procore Technologies in a research report on Friday, August 1st. Barclays upped their price target on Procore Technologies from $72.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Monday, July 14th. Piper Sandler lifted their price objective on Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a research note on Thursday. DA Davidson raised shares of Procore Technologies to a “hold” rating in a research report on Friday. Finally, Berenberg Bank initiated coverage on shares of Procore Technologies in a report on Friday, October 3rd. They issued a “buy” rating and a $84.00 price target on the stock. Fifteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $84.26.

Procore Technologies Stock Up 0.7%

PCOR opened at $79.65 on Friday. Procore Technologies has a 12 month low of $53.71 and a 12 month high of $88.92. The business has a 50-day moving average of $72.22 and a two-hundred day moving average of $69.52. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $11.96 billion, a price-to-earnings ratio of -94.82 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share for the quarter. Procore Technologies had a negative return on equity of 6.17% and a negative net margin of 9.84%.The company had revenue of $172.21 million for the quarter. On average, research analysts expect that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In other news, insider Benjamin C. Singer sold 1,036 shares of the business’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $75.00, for a total transaction of $77,700.00. Following the transaction, the insider directly owned 85,330 shares of the company’s stock, valued at approximately $6,399,750. The trade was a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Howard Fu sold 814 shares of the company’s stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $72.34, for a total transaction of $58,884.76. Following the completion of the transaction, the chief financial officer owned 187,847 shares of the company’s stock, valued at $13,588,851.98. This trade represents a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,724 shares of company stock worth $2,122,519 over the last 90 days. Company insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

Several large investors have recently modified their holdings of PCOR. Vanguard Group Inc. lifted its stake in shares of Procore Technologies by 6.2% in the third quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock worth $900,823,000 after acquiring an additional 718,663 shares in the last quarter. Wasatch Advisors LP increased its holdings in Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Procore Technologies by 76.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after purchasing an additional 360,207 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Procore Technologies by 0.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock valued at $224,594,000 after buying an additional 23,038 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.