Procore Technologies (NYSE:PCOR) Reaches New 1-Year High After Analyst Upgrade

Shares of Procore Technologies, Inc. (NYSE:PCOR) reached a new 52-week high on Saturday after UBS Group raised their price target on the stock from $105.00 to $110.00. UBS Group currently has a buy rating on the stock. Procore Technologies traded as high as $87.90 and last traded at $87.48, with a volume of 4580396 shares. The stock had previously closed at $75.10.

Several other analysts also recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday. Scotiabank raised their target price on shares of Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. raised their target price on shares of Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. The Goldman Sachs Group raised their target price on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, Stifel Nicolaus raised their target price on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $76.18, for a total value of $114,270.00. Following the transaction, the insider now directly owns 84,539 shares of the company’s stock, valued at $6,440,181.02. This trade represents a 1.74 % 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, Director Connor Kevin J. O sold 33,332 shares of Procore Technologies stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total transaction of $2,730,890.76. Following the completion of the transaction, the director now directly owns 1,282,648 shares in the company, valued at approximately $105,087,350.64. This trade represents a 2.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 114,656 shares of company stock valued at $8,776,297 over the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC acquired a new stake in Procore Technologies in the second quarter valued at approximately $271,000. GAMMA Investing LLC lifted its stake in Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares during the last quarter. Creative Planning acquired a new stake in Procore Technologies in the third quarter valued at approximately $234,000. Ellsworth Advisors LLC lifted its stake in Procore Technologies by 9.1% in the third quarter. Ellsworth Advisors LLC now owns 7,561 shares of the company’s stock valued at $467,000 after acquiring an additional 631 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the third quarter valued at approximately $26,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market capitalization of $13.01 billion, a price-to-earnings ratio of -174.96 and a beta of 0.84. The stock’s 50 day simple moving average is $77.63 and its 200-day simple moving average is $68.62.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, analysts expect that Procore Technologies, Inc. will post -0.22 EPS for the current fiscal year.

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.