BTIG Research Reiterates “Buy” Rating for Procore Technologies (NYSE:PCOR)

Procore Technologies (NYSE:PCOR)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a research report issued on Wednesday, MarketBeat Ratings reports. They presently have a $88.00 target price on the stock. BTIG Research’s target price points to a potential upside of 18.25% from the company’s current price.

Several other analysts have also weighed in on the company. DA Davidson raised Procore Technologies to a “hold” rating in a report on Friday, November 7th. BMO Capital Markets boosted their price target on Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Canaccord Genuity Group upped their price target on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. KeyCorp lifted their price objective on shares of Procore Technologies from $81.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Finally, Berenberg Bank assumed coverage on shares of Procore Technologies in a report on Friday, October 3rd. They set a “buy” rating and a $84.00 target price on the stock. Fourteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $84.47.

Procore Technologies Stock Up 3.0%

Shares of PCOR stock traded up $2.16 during mid-day trading on Wednesday, reaching $74.42. 122,931 shares of the company were exchanged, compared to its average volume of 1,432,443. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. The business’s 50 day simple moving average is $74.16 and its 200 day simple moving average is $71.02. The company has a market capitalization of $11.57 billion, a P/E ratio of -88.95 and a beta of 0.90. Procore Technologies has a fifty-two week low of $53.71 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. The company had revenue of $172.21 million for the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. Research analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, CRO Lawrence Joseph Stack sold 10,000 shares of Procore Technologies stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total value of $753,000.00. Following the sale, the executive directly owned 184,128 shares in the company, valued at $13,864,838.40. This trade represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 797 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $69.35, for a total transaction of $55,271.95. Following the completion of the transaction, the chief financial officer owned 179,847 shares of the company’s stock, valued at approximately $12,472,389.45. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 409,265 shares of company stock worth $29,936,667. 21.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC grew its stake in shares of Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Procore Technologies during the 3rd quarter valued at about $34,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Procore Technologies by 277.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock worth $35,000 after acquiring an additional 385 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Procore Technologies during the first quarter valued at approximately $49,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Company Profile

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.