UBS Group Initiates Coverage on Procore Technologies (NYSE:PCOR)

Analysts at UBS Group started coverage on shares of Procore Technologies (NYSE:PCOR) in a report released on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $105.00 price target on the stock. UBS Group’s target price would suggest a potential upside of 27.01% from the stock’s current price.

Several other brokerages have also recently issued reports on PCOR. The Goldman Sachs Group boosted their price target on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Barclays boosted their price target on Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, November 22nd. DA Davidson raised their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. 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 report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Procore Technologies from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.65.

Procore Technologies Stock Performance

NYSE PCOR opened at $82.67 on Monday. The firm’s fifty day moving average price is $66.88 and its two-hundred day moving average price is $64.43. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $83.35. The firm has a market capitalization of $12.29 billion, a P/E ratio of -165.34 and a beta of 0.82. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, research analysts anticipate that Procore Technologies will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the sale, the director now owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. This represents a 0.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Scott Davis sold 9,671 shares of Procore Technologies stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $65.00, for a total transaction of $628,615.00. Following the sale, the insider now owns 192,137 shares in the company, valued at approximately $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 ninety days, insiders sold 115,553 shares of company stock valued at $7,933,974. Insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC bought a new position in Procore Technologies during the 1st quarter worth about $248,000. Comerica Bank lifted its holdings in shares of Procore Technologies by 3.2% during the first quarter. Comerica Bank now owns 53,227 shares of the company’s stock worth $4,374,000 after purchasing an additional 1,663 shares during the period. Cetera Advisors LLC purchased a new stake in Procore Technologies in the first quarter valued at $220,000. Harbor Capital Advisors Inc. grew its stake in shares of Procore Technologies by 16.9% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 29,397 shares of the company’s stock worth $1,949,000 after purchasing an additional 4,255 shares during the period. Finally, Park Avenue Securities LLC grew its position 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 valued at $580,000 after acquiring an additional 1,266 shares during the period. 81.10% of the stock is owned by hedge funds and other 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.