Procore Technologies (NYSE:PCOR) Stock Picked Up by Analysts at Griffin Securities

Research analysts at Griffin Securities initiated coverage on shares of Procore Technologies (NYSE:PCOR) in a research note issued on Wednesday, Briefing.com reports. The firm set a “buy” rating and a $82.00 price target on the stock. Griffin Securities‘s price target suggests a potential upside of 32.94% from the stock’s previous close.

Several other analysts have also recently commented on the stock. BTIG Research reiterated a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. Zacks Research lowered shares of Procore Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. TD Cowen dropped their price target on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Weiss Ratings raised shares of Procore Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. Finally, DA Davidson set a $56.00 price target on Procore Technologies in a research report on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $61.68 on Wednesday. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The firm has a 50-day moving average of $56.72 and a 200 day moving average of $53.65. The stock has a market cap of $9.37 billion, a P/E ratio of -237.24 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Procore Technologies’s revenue was up 15.8% on a year-over-year basis. Research analysts expect that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Kevin O’Connor sold 7,692 shares of the business’s stock in a transaction on Monday, October 5th. The stock was sold at an average price of $53.50, for a total transaction of $411,522.00. Following the sale, the director directly owned 915,978 shares in the company, valued at approximately $49,004,823. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director directly owned 58,371 shares in the company, valued at $3,677,373. This represents a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 222,271 shares of company stock valued at $12,450,532. 16.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Pinnacle Wealth Planning Services Inc. lifted its stake in shares of Procore Technologies by 586.7% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 2,218 shares of the company’s stock worth $115,000 after acquiring an additional 1,895 shares during the period. Arnhold LLC acquired a new stake in shares of Procore Technologies in the 3rd quarter valued at $459,000. Citizens Financial Group Inc. RI boosted its holdings in shares of Procore Technologies by 36.3% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 32,348 shares of the company’s stock worth $1,673,000 after buying an additional 8,619 shares during the period. One Wealth Capital Management LLC acquired a new stake in Procore Technologies in the 3rd quarter valued at approximately $209,000. Finally, Taylor Frigon Capital Management LLC raised its stake in Procore Technologies by 11.8% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 56,452 shares of the company’s stock valued at $2,920,000 after purchasing an additional 5,969 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.