Procore Technologies (NYSE:PCOR) Upgraded at Guggenheim

Guggenheim upgraded shares of Procore Technologies (NYSE:PCOR) to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

Other research analysts have also issued research reports about the company. BTIG Research reiterated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. TD Cowen cut their price objective on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. The Goldman Sachs Group cut their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Piper Sandler reduced their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies Price Performance

NYSE:PCOR opened at $42.80 on Wednesday. Procore Technologies has a one year low of $38.03 and a one year high of $82.32. The stock has a market cap of $6.46 billion, a PE ratio of -83.93 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a 50 day moving average price of $44.49 and a 200 day moving average price of $52.71.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period last year, the firm posted $0.23 EPS. Equities research analysts expect that Procore Technologies will post 0.06 EPS for the current fiscal year.

Insider Activity

In related news, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock valued at $8,791,847 in the last quarter. Insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently made changes to their positions in the stock. SJS Investment Consulting Inc. lifted its holdings in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the 3rd quarter valued at approximately $34,000. V Square Quantitative Management LLC purchased a new stake in Procore Technologies in the fourth quarter valued at approximately $41,000. Allworth Financial LP raised its position in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in Procore Technologies during the fourth quarter worth $54,000. 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. 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.