Procore Technologies (NYSE:PCOR) Shares Gap Up on Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR)’s stock price gapped up before the market opened on Friday after UBS Group raised their price target on the stock from $105.00 to $110.00. The stock had previously closed at $75.10, but opened at $81.05. UBS Group currently has a buy rating on the stock. Procore Technologies shares last traded at $83.01, with a volume of 816,142 shares traded.

Other analysts also recently issued research reports about the stock. Robert W. Baird increased their target price on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Barclays raised their target price on shares of Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday. Jefferies Financial Group raised shares of Procore Technologies from a “hold” rating to a “buy” rating and upped their price target for the stock from $80.00 to $100.00 in a research report on Monday, January 6th. Canaccord Genuity Group increased their price target on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday. Finally, Scotiabank boosted their price objective on Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 22nd. Four equities research 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $89.65.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 33,332 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the sale, the director now directly owns 1,282,648 shares in the company, valued at approximately $105,087,350.64. The trade was a 2.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $190,388.48. Following the transaction, the senior vice president now owns 72,605 shares in the company, valued at $5,181,092.80. This trade represents a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 114,656 shares of company stock valued at $8,776,297. 29.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCOR. AQR Capital Management LLC acquired a new position in shares of Procore Technologies in the 2nd quarter valued at about $271,000. GAMMA Investing LLC lifted its holdings in Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after acquiring an additional 175 shares during the last quarter. Creative Planning acquired a new position in Procore Technologies in the third quarter valued at approximately $234,000. Ellsworth Advisors LLC grew its holdings in shares of Procore Technologies by 9.1% during the third quarter. Ellsworth Advisors LLC now owns 7,561 shares of the company’s stock valued at $467,000 after purchasing an additional 631 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies during the 3rd quarter worth approximately $26,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Trading Up 16.5 %

The firm has a market cap of $13.01 billion, a P/E ratio of -174.96 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a fifty day moving average of $77.63 and a 200-day moving average of $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%. Equities research analysts forecast that Procore Technologies, Inc. will post -0.22 earnings per share for the current year.

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.