Procore Technologies (NYSE:PCOR) Shares Gap Up on Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR) gapped up before the market opened on Friday after Canaccord Genuity Group raised their price target on the stock from $83.00 to $97.00. The stock had previously closed at $75.10, but opened at $81.05. Canaccord Genuity Group currently has a buy rating on the stock. Procore Technologies shares last traded at $83.01, with a volume of 816,142 shares traded.

PCOR has been the topic of several other research reports. Scotiabank boosted their price target on Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 22nd. JMP Securities reiterated a “market outperform” rating and set a $90.00 target price on shares of Procore Technologies in a research report on Friday, February 7th. Barclays raised their price target on Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. KeyCorp boosted their price objective on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 33,332 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the sale, the director now directly owns 1,282,648 shares of the company’s stock, valued at approximately $105,087,350.64. This trade represents a 2.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $190,388.48. Following the transaction, the senior vice president now directly owns 72,605 shares of the company’s stock, valued at $5,181,092.80. This trade represents a 3.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 114,656 shares of company stock valued at $8,776,297 in the last quarter. 29.00% of the stock is currently owned by company insiders.

Institutional Trading of Procore Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after acquiring an additional 2,670,872 shares during the period. Capital World Investors boosted its position in Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after purchasing an additional 2,555,612 shares during the period. Wellington Management Group LLP acquired a new stake in Procore Technologies in the 4th quarter valued at $131,840,000. Wasatch Advisors LP raised its position in Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after purchasing an additional 1,575,534 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Procore Technologies during the third quarter worth about $88,572,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

The stock has a 50 day simple moving average of $77.54 and a 200 day simple moving average of $68.50. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market cap of $12.31 billion, a price-to-earnings ratio of -165.29 and a beta of 0.84.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, analysts predict that Procore Technologies, Inc. will post -0.22 EPS for the current year.

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.