Procore Technologies (NYSE:PCOR) Sets New 52-Week High at $82.63

Shares of Procore Technologies, Inc. (NYSE:PCOR) hit a new 52-week high during trading on Tuesday . The stock traded as high as $82.63 and last traded at $82.63, with a volume of 143024 shares trading hands. The stock had previously closed at $81.58.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PCOR shares. KeyCorp lifted their price target on shares of Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. DA Davidson reissued a “buy” rating and set a $95.00 target price on shares of Procore Technologies in a research report on Thursday, March 14th. JPMorgan Chase & Co. upped their price target on shares of Procore Technologies from $76.00 to $81.00 and gave the company an “overweight” rating in a report on Tuesday, January 23rd. BMO Capital Markets lifted their price objective on Procore Technologies from $76.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group increased their target price on Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $81.86.

Procore Technologies Price Performance

The company’s 50 day simple moving average is $75.59 and its two-hundred day simple moving average is $67.37. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $11.79 billion, a P/E ratio of -61.78 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. The firm had revenue of $260.04 million during the quarter, compared to analysts’ expectations of $248.20 million. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. As a group, equities analysts expect that Procore Technologies, Inc. will post -0.64 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other news, CFO Howard Fu sold 1,457 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.19, for a total transaction of $118,293.83. Following the transaction, the chief financial officer now directly owns 137,237 shares in the company, valued at $11,142,272.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP William Fred Fleming, Jr. sold 6,041 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total value of $446,429.90. Following the transaction, the senior vice president now owns 77,768 shares in the company, valued at $5,747,055.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 1,457 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.19, for a total value of $118,293.83. Following the sale, the chief financial officer now directly owns 137,237 shares of the company’s stock, valued at $11,142,272.03. The disclosure for this sale can be found here. Insiders sold 465,949 shares of company stock valued at $35,424,998 over the last ninety days. 39.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Procore Technologies by 8.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,908,997 shares of the company’s stock worth $620,601,000 after acquiring an additional 734,057 shares in the last quarter. Vanguard Group Inc. grew its holdings in Procore Technologies by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 9,204,957 shares of the company’s stock worth $637,167,000 after purchasing an additional 666,287 shares during the period. JPMorgan Chase & Co. lifted its holdings in Procore Technologies by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock valued at $309,926,000 after purchasing an additional 114,649 shares during the last quarter. Cadian Capital Management LP boosted its holdings in shares of Procore Technologies by 22.9% during the 4th quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock worth $257,384,000 after buying an additional 692,218 shares during the period. Finally, BlackRock Inc. grew its position in shares of Procore Technologies by 17.3% in the second quarter. BlackRock Inc. now owns 3,576,438 shares of the company’s stock valued at $232,719,000 after purchasing an additional 527,268 shares during the last quarter. 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.