Procore Technologies (NYSE:PCOR) Hits New 1-Year High – Here’s Why

Procore Technologies, Inc. (NYSE:PCOR) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $83.42 and last traded at $83.42, with a volume of 796 shares traded. The stock had previously closed at $82.67.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PCOR shares. Robert W. Baird started coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target on the stock. UBS Group started coverage on shares of Procore Technologies in a research report on Monday. They set a “buy” rating and a $105.00 price target on the stock. The Goldman Sachs Group upped their price target on shares of Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. KeyCorp upped their price target on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, Canaccord Genuity Group upped their price target on shares of Procore Technologies from $67.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $81.65.

Procore Technologies Stock Up 3.3 %

The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm’s 50 day simple moving average is $67.31 and its two-hundred day simple moving average is $64.53. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of -169.82 and a beta of 0.82.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The business had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 1,500 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the transaction, the chief financial officer now directly owns 171,997 shares of the company’s stock, valued at $12,340,784.75. This trade represents a 0.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the transaction, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,553 shares of company stock worth $7,933,974 in the last quarter. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PCOR. Dragoneer Investment Group LLC grew its holdings in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. Wasatch Advisors LP grew its position in Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after acquiring an additional 1,575,534 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Procore Technologies in the third quarter worth approximately $88,572,000. XN LP grew its holdings in shares of Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after purchasing an additional 1,411,812 shares during the last quarter. Finally, PointState Capital LP bought a new position in shares of Procore Technologies in the third quarter worth approximately $81,306,000. 81.10% of the stock is owned by institutional investors.

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.