Procore Technologies’ (PCOR) “Buy” Rating Reiterated at BTIG Research

BTIG Research reiterated their buy rating on shares of Procore Technologies (NYSE:PCOR) in a research note published on Wednesday morning, Marketbeat.com reports. The brokerage currently has a $88.00 price target on the stock.

Several other equities research analysts have also recently commented on PCOR. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research report on Wednesday, October 8th. Berenberg Bank assumed coverage on shares of Procore Technologies in a research report on Friday, October 3rd. They set a “buy” rating and a $84.00 target price on the stock. Robert W. Baird increased their target price on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Finally, Wall Street Zen raised shares of Procore Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $84.67.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $74.20 on Wednesday. The company has a market capitalization of $11.54 billion, a PE ratio of -88.33 and a beta of 0.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies has a twelve month low of $53.71 and a twelve month high of $88.92. The firm has a fifty day simple moving average of $74.22 and a 200 day simple moving average of $71.12.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The firm had revenue of $172.21 million for the quarter. On average, sell-side analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other news, Director Connor Kevin J. O sold 9,615 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $75.13, for a total transaction of $722,374.95. Following the completion of the sale, the director directly owned 1,052,519 shares of the company’s stock, valued at $79,075,752.47. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total transaction of $753,000.00. Following the completion of the sale, the executive owned 184,128 shares in the company, valued at $13,864,838.40. This represents a 5.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 691,739 shares of company stock worth $50,389,537 in the last ninety days. 21.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE grew its stake in shares of Procore Technologies by 5.5% during the 2nd quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after acquiring an additional 1,131 shares during the period. Federated Hermes Inc. lifted its holdings in Procore Technologies by 17.0% during the second quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock valued at $20,815,000 after purchasing an additional 44,105 shares during the last quarter. Fred Alger Management LLC boosted its position in Procore Technologies by 15.4% during the first quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock worth $2,532,000 after purchasing an additional 5,129 shares during the period. Intellectus Partners LLC increased its stake in shares of Procore Technologies by 135.3% in the second quarter. Intellectus Partners LLC now owns 12,305 shares of the company’s stock worth $842,000 after purchasing an additional 7,075 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Procore Technologies by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock worth $224,594,000 after purchasing an additional 23,038 shares in the last quarter. 81.10% of the stock is 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.