Procore Technologies (NYSE:PCOR) Upgraded at Zacks Research

Zacks Research upgraded shares of Procore Technologies (NYSE:PCOR) from a strong sell rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

A number of other research firms also recently issued reports on PCOR. Piper Sandler dropped their price target on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. TD Cowen increased their target price on Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a report on Friday, February 13th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research note on Wednesday, March 11th. Finally, Barclays reduced their price target on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.05.

Procore Technologies Stock Down 1.0%

Shares of NYSE:PCOR opened at $58.17 on Wednesday. The firm has a market capitalization of $8.73 billion, a P/E ratio of -86.81 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a 50 day moving average price of $57.89 and a 200-day moving average price of $67.96. Procore Technologies has a 52-week low of $46.08 and a 52-week high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.01 earnings per share. As a group, equities research analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total transaction of $3,211,804.83. Following the completion of the sale, the chairman owned 927,580 shares of the company’s stock, valued at $53,085,403.40. The trade was a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $57.25, for a total value of $440,367.00. Following the sale, the director owned 1,004,444 shares of the company’s stock, valued at $57,504,419. The trade was a 0.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 95,437 shares of company stock valued at $5,428,784 over the last quarter. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in PCOR. Alliancebernstein L.P. grew its holdings in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after buying an additional 5,079,534 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings 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 buying an additional 1,750,998 shares during the period. Wasatch Advisors LP grew its position in Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after acquiring an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP grew its position in Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after acquiring an additional 1,486,153 shares in the last quarter. Finally, Holocene Advisors LP increased its stake in Procore Technologies by 245.9% during the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after purchasing an additional 1,412,721 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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. 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.