Procore Technologies (NYSE:PCOR) Trading 8.3% Higher – What’s Next?

Procore Technologies, Inc. (NYSE:PCOR) shares traded up 8.3% during mid-day trading on Thursday . The stock traded as high as $76.41 and last traded at $76.09. 2,287,808 shares were traded during trading, an increase of 45% from the average session volume of 1,578,862 shares. The stock had previously closed at $70.26.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PCOR. Macquarie reiterated a “neutral” rating and issued a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. JPMorgan Chase & Co. cut their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. BMO Capital Markets cut their price target on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, TD Cowen lifted their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.25.

Procore Technologies Stock Up 6.7 %

The company’s fifty day moving average price is $63.46 and its two-hundred day moving average price is $63.84. 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 announced its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The firm had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. As a group, equities research analysts predict that Procore Technologies, Inc. will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total value of $1,061,250.00. Following the completion of the transaction, the senior vice president now owns 75,120 shares in the company, valued at $5,314,740. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Scott Davis sold 9,671 shares of the company’s stock in a transaction dated 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 in the company, valued at $12,488,905. The trade was a 4.79 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,997 shares of company stock worth $4,497,153. 29.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors have recently added to or reduced their stakes in the company. Park Avenue Securities LLC boosted its stake in shares of Procore Technologies by 16.9% during the 2nd quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock worth $580,000 after acquiring an additional 1,266 shares during the period. M&G Plc boosted its holdings in shares of Procore Technologies by 12.4% during the 2nd quarter. M&G Plc now owns 120,626 shares of the company’s stock worth $7,961,000 after buying an additional 13,334 shares during the period. Vanguard Group Inc. grew its stake in Procore Technologies by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after buying an additional 94,190 shares during the last quarter. Burney Co. bought a new position in Procore Technologies in the 1st quarter valued at about $1,371,000. Finally, SG Americas Securities LLC lifted its position in Procore Technologies by 118.0% during the second quarter. SG Americas Securities LLC now owns 17,466 shares of the company’s stock worth $1,158,000 after acquiring an additional 9,454 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.