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

Procore Technologies, Inc. (NYSE:PCOR)’s share price gapped up before the market opened on Friday after Canaccord Genuity Group raised their price target on the stock from $83.00 to $97.00. The stock had previously closed at $75.10, but opened at $81.05. Canaccord Genuity Group currently has a buy rating on the stock. Procore Technologies shares last traded at $83.01, with a volume of 816,142 shares changing hands.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets raised their price objective on Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Mizuho raised their price target on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Robert W. Baird lifted their price target on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. The Goldman Sachs Group increased their price objective 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, KeyCorp boosted their target price 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. 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Insider Buying and Selling

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $1,617,374.40. Following the completion of the transaction, the chief executive officer now owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 114,656 shares of company stock worth $8,776,297 in the last three months. 29.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PCOR. Stifel Financial Corp lifted its holdings in Procore Technologies by 8.9% in the fourth quarter. Stifel Financial Corp now owns 128,938 shares of the company’s stock worth $9,661,000 after purchasing an additional 10,491 shares during the period. OneDigital Investment Advisors LLC raised its position in shares of Procore Technologies by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company’s stock worth $407,000 after buying an additional 225 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Procore Technologies in the 4th quarter worth approximately $738,000. TFJ Management LLC bought a new position in shares of Procore Technologies in the fourth quarter valued at approximately $5,265,000. Finally, MML Investors Services LLC boosted its holdings in shares of Procore Technologies by 187.1% in the fourth quarter. MML Investors Services LLC now owns 18,488 shares of the company’s stock valued at $1,385,000 after acquiring an additional 12,048 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Up 10.3 %

The firm has a market cap of $12.31 billion, a price-to-earnings ratio of -165.29 and a beta of 0.84. The stock’s 50 day moving average is $77.54 and its 200 day moving average is $68.50. 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 issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Analysts forecast that Procore Technologies, Inc. will post -0.22 EPS 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.