Procore Technologies (NYSE:PCOR) Stock Rating Upgraded by Wall Street Zen

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

A number of other brokerages have also issued reports on PCOR. BMO Capital Markets cut their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. DA Davidson lowered their price objective on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. The Goldman Sachs Group cut their target price on Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Finally, KeyCorp decreased their target price on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Seventeen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.05.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $54.35 on Friday. The company has a market capitalization of $8.16 billion, a P/E ratio of -81.13 and a beta of 0.90. Procore Technologies has a 1-year low of $46.08 and a 1-year high of $82.32. The firm’s 50 day simple moving average is $56.43 and its two-hundred day simple moving average is $67.52. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32.

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, topping analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.01 earnings per share. Research analysts expect that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of Procore Technologies stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $57.23, for a total value of $3,211,804.83. Following the sale, the chairman directly owned 927,580 shares of the company’s stock, valued at approximately $53,085,403.40. The trade was a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $57.25, for a total value of $440,367.00. Following the completion of the sale, the director owned 1,004,444 shares in the company, valued at $57,504,419. This represents a 0.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 94,641 shares of company stock worth $5,369,546 in the last quarter. 21.50% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. boosted its position in shares of Procore Technologies by 948.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,712 shares of the company’s stock valued at $270,000 after acquiring an additional 3,358 shares during the last quarter. Corient Private Wealth LLC raised its stake in Procore Technologies by 7.9% during the fourth quarter. Corient Private Wealth LLC now owns 5,302 shares of the company’s stock valued at $387,000 after purchasing an additional 389 shares in the last quarter. Rehmann Capital Advisory Group purchased a new stake in Procore Technologies during the fourth quarter valued at $203,000. MidFirst Bank bought a new position in Procore Technologies during the fourth quarter valued at $156,000. Finally, Invesco Ltd. lifted its position in Procore Technologies by 9.7% during the fourth quarter. Invesco Ltd. now owns 132,034 shares of the company’s stock valued at $9,604,000 after purchasing an additional 11,673 shares during the last quarter. 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.