Procore Technologies (NYSE:PCOR) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Procore Technologies (NYSE:PCOR) from a hold rating to a strong-buy rating in a report issued on Thursday morning,Zacks reports.

Several other brokerages have also recently weighed in on PCOR. BTIG Research reissued a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. TD Cowen lowered their target price on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. The Goldman Sachs Group cut their target price on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Barclays increased their price target on Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Finally, BMO Capital Markets raised their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $70.44.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $57.93 on Thursday. The company has a 50 day simple moving average of $52.40 and a 200 day simple moving average of $51.86. The firm has a market cap of $8.80 billion, a PE ratio of -222.81 and a beta of 0.74. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period last year, the company earned $0.35 EPS. The firm’s revenue was up 15.8% compared to the same quarter last year. As a group, research analysts anticipate that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 15,386 shares of Procore Technologies stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total value of $845,152.98. Following the completion of the transaction, the director directly owned 946,746 shares of the company’s stock, valued at approximately $52,004,757.78. This trade represents a 1.60% 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 231,892 shares of company stock worth $11,613,268 over the last quarter. Company insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. lifted its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies during the 3rd quarter worth approximately $34,000. Twin Tree Management LP acquired a new stake in shares of Procore Technologies during the 2nd quarter worth approximately $40,000. Allworth Financial LP increased its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new stake in shares of Procore Technologies in the 2nd quarter valued at $52,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

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. 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.