Procore Technologies (NYSE:PCOR) Raised to Strong-Buy at Baird R W

Baird R W upgraded shares of Procore Technologies (NYSE:PCOR) to a strong-buy rating in a research note published on Tuesday, Zacks.com reports.

PCOR has been the subject of a number of other reports. Scotiabank dropped their price objective on Procore Technologies from $90.00 to $70.00 and set a sector outperform rating for the company in a research note on Friday, August 2nd. The Goldman Sachs Group cut their price target 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. Macquarie reissued a neutral rating and set a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. JPMorgan Chase & Co. dropped their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an overweight rating for the company in a report on Friday, August 2nd. Finally, Stifel Nicolaus reduced their target price on shares of Procore Technologies from $85.00 to $63.00 and set a buy rating on the stock in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $69.50.

Procore Technologies Trading Up 0.7 %

PCOR opened at $62.05 on Tuesday. The stock has a market capitalization of $9.16 billion, a PE ratio of -64.63 and a beta of 0.73. Procore Technologies has a one year low of $48.11 and a one year high of $83.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. The business’s 50 day moving average price is $59.62 and its 200 day moving average price is $66.84.

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

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction on Monday, July 1st. The shares were sold at an average price of $66.13, for a total transaction of $132,260.00. Following the sale, the insider now directly owns 108,705 shares in the company, valued at approximately $7,188,661.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $66.13, for a total value of $132,260.00. Following the completion of the sale, the insider now directly owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 3,846 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $77,487,392.45. The disclosure for this sale can be found here. Insiders have sold 169,890 shares of company stock worth $10,540,071 over the last three months. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in shares of Procore Technologies by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 326,124 shares of the company’s stock worth $22,577,000 after acquiring an additional 46,646 shares during the period. Corient Private Wealth LLC raised its stake in shares of Procore Technologies by 39.4% during the 4th quarter. Corient Private Wealth LLC now owns 10,459 shares of the company’s stock worth $724,000 after buying an additional 2,958 shares in the last quarter. US Bancorp DE raised its stake in shares of Procore Technologies by 36.4% during the 4th quarter. US Bancorp DE now owns 19,144 shares of the company’s stock worth $1,325,000 after buying an additional 5,113 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Procore Technologies by 7.4% in the 4th quarter. Hsbc Holdings PLC now owns 24,519 shares of the company’s stock valued at $1,719,000 after buying an additional 1,697 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Procore Technologies by 2.4% in the fourth quarter. Treasurer of the State of North Carolina now owns 35,293 shares of the company’s stock valued at $2,443,000 after buying an additional 830 shares in the last quarter. Institutional investors and hedge funds 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.