Procore Technologies (NYSE:PCOR) Rating Increased to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Procore Technologies (NYSE:PCOR) from a hold rating to a buy rating in a report released on Monday, MarketBeat Ratings reports. The firm currently has $100.00 target price on the stock, up from their previous target price of $80.00.

Other research analysts also recently issued reports about the company. Robert W. Baird raised their price objective on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. TD Cowen lifted their price target on shares of Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Barclays upped their price objective on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. DA Davidson raised their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, Mizuho boosted their target price on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.00.

Procore Technologies Price Performance

NYSE PCOR opened at $78.12 on Monday. The company has a 50 day moving average price of $75.50 and a two-hundred day moving average price of $66.52. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $86.67. The stock has a market capitalization of $11.61 billion, a PE ratio of -156.24 and a beta of 0.83. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. As a group, equities analysts predict that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Steven Scott Davis sold 9,671 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $65.00, for a total value of $628,615.00. Following the sale, the insider now owns 192,137 shares of the company’s stock, valued at $12,488,905. The trade was a 4.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.07, for a total value of $318,294.96. Following the transaction, the director now owns 1,355,720 shares of the company’s stock, valued at $84,149,540.40. This represents a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 142,693 shares of company stock valued at $10,479,096 over the last ninety days. 29.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PCOR. XN LP boosted its position in Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after buying an additional 1,411,812 shares in the last quarter. Meritage Group LP raised its stake in shares of Procore Technologies by 66.6% in the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock valued at $169,453,000 after acquiring an additional 1,098,019 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Procore Technologies by 128.7% in the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after acquiring an additional 1,297,151 shares during the last quarter. Dragoneer Investment Group LLC boosted its holdings in shares of 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 acquiring an additional 1,609,607 shares in the last quarter. Finally, Holocene Advisors LP grew its position in Procore Technologies by 1.1% during the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock worth $115,623,000 after acquiring an additional 21,234 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Procore Technologies

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.