Procore Technologies (NYSE:PCOR) Raised to “Buy” at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Procore Technologies (NYSE:PCOR) from a hold rating to a buy rating in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has $100.00 price target on the stock, up from their previous price target of $80.00.

Several other analysts also recently weighed in on PCOR. Scotiabank boosted their target price on shares of Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 22nd. BMO Capital Markets boosted their price objective on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Barclays raised their target price on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. Canaccord Genuity Group boosted their price target on Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, Mizuho raised their price objective on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $86.00.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $76.32 on Monday. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $86.67. The business’s fifty day simple moving average is $76.03 and its 200-day simple moving average is $66.67. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market cap of $11.35 billion, a PE ratio of -152.64 and a beta of 0.83.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Benjamin C. Singer sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $76.18, for a total transaction of $114,270.00. Following the completion of the transaction, the insider now directly owns 84,539 shares of the company’s stock, valued at $6,440,181.02. This represents a 1.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of Procore Technologies stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the sale, the senior vice president now directly owns 75,120 shares in the company, valued at $5,314,740. This represents a 16.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 142,693 shares of company stock valued at $10,479,096. 29.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PCOR. Versant Capital Management Inc increased its stake in Procore Technologies by 92.1% during the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after buying an additional 175 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after purchasing an additional 175 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Procore Technologies in the 3rd quarter valued at $26,000. International Assets Investment Management LLC lifted its holdings in Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after purchasing an additional 789 shares in the last quarter. Finally, Quarry LP boosted its stake in Procore Technologies by 984.6% during the 2nd quarter. Quarry LP now owns 1,128 shares of the company’s stock worth $75,000 after purchasing an additional 1,024 shares during the last quarter. Institutional investors and hedge funds 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.