Procore Technologies (NYSE:PCOR) Upgraded by Wall Street Zen to “Buy” Rating

Procore Technologies (NYSE:PCOR) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts also recently weighed in on the company. The Goldman Sachs Group cut their target price on Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Barclays dropped their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. DA Davidson cut their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. UBS Group reduced their target price on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. Seventeen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average price target of $77.05.

Procore Technologies Trading Down 5.5%

PCOR opened at $54.35 on Friday. The firm has a market cap of $8.16 billion, a P/E ratio of -81.13 and a beta of 0.90. Procore Technologies has a 12 month low of $46.08 and a 12 month high of $82.32. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $56.43 and a 200 day moving average of $67.52.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.01 earnings per share. As a group, research analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the sale, the insider directly owned 64,660 shares in the company, valued at approximately $3,233,000. This trade represents a 6.13% 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. Also, CFO Howard Fu sold 814 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $72.99, for a total transaction of $59,413.86. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 94,641 shares of company stock worth $5,369,546. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after acquiring an additional 804,920 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after acquiring an additional 5,079,534 shares during the period. Wasatch Advisors LP raised its stake in shares of Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after acquiring an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Procore Technologies by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after purchasing an additional 137,171 shares during the period. Hedge funds and other institutional investors 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. 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.