Procore Technologies (NYSE:PCOR) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Procore Technologies (NYSE:PCOR) from a strong sell rating to a hold rating in a research report report published on Wednesday,Zacks.com reports.

Several other analysts have also recently issued reports on the company. TD Cowen raised their target price on Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. UBS Group lowered their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. The Goldman Sachs Group dropped their price objective on Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a report on Monday, February 9th. BMO Capital Markets cut their price objective on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Finally, KeyCorp reduced their target price on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Seventeen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.05.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $58.79 on Wednesday. The stock has a market capitalization of $8.82 billion, a P/E ratio of -87.75 and a beta of 0.90. Procore Technologies has a one year low of $46.08 and a one year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The business’s 50 day simple moving average is $58.20 and its two-hundred day simple moving average is $68.04.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. The company had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 earnings per share. Analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $57.23, for a total transaction of $3,211,804.83. Following the transaction, the chairman owned 927,580 shares in the company, valued at approximately $53,085,403.40. This represents a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Howard Fu sold 814 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total value of $59,413.86. Following the completion of the transaction, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at $13,009,518.63. This represents a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 95,437 shares of company stock valued at $5,428,784. 21.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently made changes to their positions in the company. Brighton Jones LLC purchased a new position in Procore Technologies during the fourth quarter valued at $511,000. Goldman Sachs Group Inc. increased its stake in shares of Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after acquiring an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after acquiring an additional 52,507 shares during the period. Creative Planning lifted its position in Procore Technologies by 5.5% during the 2nd quarter. Creative Planning now owns 11,775 shares of the company’s stock valued at $806,000 after acquiring an additional 610 shares during the period. Finally, Artisan Partners Limited Partnership boosted its stake in Procore Technologies by 11.7% during the second quarter. Artisan Partners Limited Partnership now owns 1,005,564 shares of the company’s stock worth $68,801,000 after acquiring an additional 105,022 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.