Procore Technologies (NYSE:PCOR) Trading Up 6.4%

Procore Technologies, Inc. (NYSE:PCOR) traded up 6.4% on Thursday . The company traded as high as $60.80 and last traded at $60.49. 369,135 shares changed hands during trading, a decline of 76% from the average session volume of 1,516,916 shares. The stock had previously closed at $56.86.

Analysts Set New Price Targets

A number of brokerages have issued reports on PCOR. Stifel Nicolaus lowered their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Piper Sandler cut their target price on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. KeyCorp lowered their target price on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, BMO Capital Markets decreased their target price on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.31.

Procore Technologies Trading Down 0.9 %

The firm has a fifty day moving average of $60.62 and a two-hundred day moving average of $67.57. The company has a market cap of $8.79 billion, a PE ratio of -61.97 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company had revenue of $284.30 million for the quarter, compared to analysts’ expectations of $275.26 million. During the same period in the prior year, the company posted ($0.28) EPS. Procore Technologies’s revenue was up 24.4% compared to the same quarter last year. As a group, sell-side analysts predict that Procore Technologies, Inc. will post -0.28 EPS for the current year.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 3,846 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total value of $206,337.90. Following the completion of the transaction, the director now directly owns 1,444,313 shares in the company, valued at $77,487,392.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Connor Kevin J. O sold 3,846 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total value of $206,337.90. Following the transaction, the director now owns 1,444,313 shares of the company’s stock, valued at $77,487,392.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the completion of the sale, the director now owns 1,380,078 shares of the company’s stock, valued at $79,395,887.34. The disclosure for this sale can be found here. Insiders sold a total of 178,688 shares of company stock worth $11,111,941 in the last quarter. 29.00% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Several large investors have recently modified their holdings of PCOR. Dragoneer Investment Group LLC lifted its holdings in Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after buying an additional 1,609,607 shares during the period. XN LP increased its position in Procore Technologies by 101.1% during the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the period. Meritage Group LP purchased a new stake in shares of Procore Technologies in the 1st quarter worth about $106,738,000. William Blair Investment Management LLC purchased a new stake in shares of Procore Technologies in the 1st quarter worth about $91,158,000. Finally, Norges Bank purchased a new position in shares of Procore Technologies during the fourth quarter valued at about $68,005,000. 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.