Procore Technologies (NYSE:PCOR) Shares Up 9.3% – Time to Buy?

Procore Technologies, Inc. (NYSE:PCOR) traded up 9.3% during trading on Monday . The company traded as high as $46.52 and last traded at $46.81. 649,675 shares were traded during trading, a decline of 75% from the average daily volume of 2,640,271 shares. The stock had previously closed at $42.83.

Analysts Set New Price Targets

A number of equities analysts have commented on PCOR shares. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target for the company in a report on Wednesday, April 29th. TD Cowen lowered their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, The Goldman Sachs Group dropped their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.59.

Procore Technologies Price Performance

The company’s 50-day moving average price is $44.49 and its two-hundred day moving average price is $52.19. The company has a market cap of $7.36 billion, a P/E ratio of -95.61 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.23 EPS. As a group, sell-side analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director owned 979,439 shares of the company’s stock, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their position. The SEC filing for this sale provides additional information. 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 Trading of Procore Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Argos Wealth Advisors LLC lifted its position in shares of Procore Technologies by 3.9% in the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after buying an additional 195 shares during the last quarter. Intellectus Partners LLC grew its position in shares of Procore Technologies by 1.6% during the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock valued at $924,000 after buying an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in shares of Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after buying an additional 202 shares during the last quarter. Allworth Financial LP raised its stake in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after acquiring an additional 204 shares during the period. Finally, Vident Advisory LLC lifted its holdings in Procore Technologies by 6.0% in the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock worth $281,000 after acquiring an additional 219 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.