Procore Technologies (NYSE:PCOR) Reaches New 52-Week High After Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR)’s stock price hit a new 52-week high during mid-day trading on Saturday after UBS Group raised their price target on the stock from $105.00 to $110.00. UBS Group currently has a buy rating on the stock. Procore Technologies traded as high as $87.90 and last traded at $87.48, with a volume of 4580396 shares traded. The stock had previously closed at $75.10.

PCOR has been the subject of several other research reports. Piper Sandler boosted their target price on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday. JMP Securities reiterated a “market outperform” rating and set a $90.00 target price on shares of Procore Technologies in a research note on Friday, February 7th. DA Davidson boosted their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. 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. Finally, Robert W. Baird upped their price target on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $89.65.

Insider Buying and Selling

In other Procore Technologies news, Director Connor Kevin J. O sold 33,332 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 1,282,648 shares of the company’s stock, valued at approximately $105,087,350.64. This represents a 2.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $1,617,374.40. Following the completion of the sale, the chief executive officer now directly owns 770,458 shares of the company’s stock, valued at $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 114,656 shares of company stock valued at $8,776,297 over the last 90 days. 29.00% of the stock is currently owned by company insiders.

Institutional Trading of Procore Technologies

Hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc lifted its stake in Procore Technologies by 92.1% during the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after buying an additional 175 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after buying an additional 147 shares in the last quarter. GAMMA Investing LLC lifted its stake in Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after buying an additional 175 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies in the 3rd quarter valued at about $26,000. Finally, Huntington National Bank increased its holdings in shares of Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock valued at $49,000 after purchasing an additional 404 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Stock Up 16.5 %

The company has a market cap of $13.01 billion, a price-to-earnings ratio of -174.96 and a beta of 0.84. 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 business has a fifty day moving average price of $77.63 and a two-hundred day moving average price of $68.58.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The business had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, equities analysts predict that Procore Technologies, Inc. will post -0.22 earnings per share 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.