Procore Technologies (NYSE:PCOR) Upgraded at Cantor Fitzgerald

Procore Technologies (NYSE:PCOR) was upgraded by investment analysts at Cantor Fitzgerald to a “strong-buy” rating in a research note issued to investors on Monday, Zacks reports.

A number of other equities analysts have also commented on the stock. Zacks Research upgraded shares of Procore Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 3rd. Piper Sandler decreased their target price on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Barclays raised their price target on shares of Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Finally, Guggenheim began coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $70.12.

Procore Technologies Stock Down 7.3%

Shares of NYSE PCOR opened at $52.62 on Monday. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The business has a 50-day simple moving average of $54.07 and a two-hundred day simple moving average of $52.01. The company has a market cap of $8.00 billion, a P/E ratio of -202.37 and a beta of 0.74.

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

Insider Buying and Selling

In related news, Director Kevin O’Connor sold 15,386 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total value of $845,152.98. Following the sale, the director directly owned 946,746 shares of the company’s stock, valued at $52,004,757.78. This trade represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the sale, the senior vice president owned 104,981 shares of the company’s stock, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 220,348 shares of company stock valued at $11,591,165 in the last 90 days. 16.80% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Hedge funds have recently made changes to their positions in the stock. SJS Investment Consulting Inc. increased its stake in shares of Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the period. Allworth Financial LP raised its holdings in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the last quarter. Employees Retirement System of Texas purchased a new stake in Procore Technologies during the 4th quarter valued at $54,000. Global Retirement Partners LLC boosted its position in Procore Technologies by 116.2% during the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock valued at $61,000 after buying an additional 453 shares during the period. Finally, Twin Tree Management LP bought a new stake in Procore Technologies in the 2nd quarter worth $40,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Company Profile

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.