Procore Technologies (NYSE:PCOR) Sees Strong Trading Volume After Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR) saw strong trading volume on Thursday after Piper Sandler raised their price target on the stock from $63.00 to $70.00. Piper Sandler currently has an overweight rating on the stock. 989,662 shares were traded during trading, a decline of 35% from the previous session’s volume of 1,528,924 shares.The stock last traded at $68.19 and had previously closed at $62.65.

PCOR has been the topic of a number of other reports. Robert W. Baird assumed coverage on Procore Technologies in a report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 price objective on the stock. DA Davidson reaffirmed a “neutral” rating and set a $60.00 target price on shares of Procore Technologies in a research report on Wednesday, October 2nd. Jefferies Financial Group increased their price target on Procore Technologies from $60.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday. Scotiabank cut their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Barclays raised their price target on shares of Procore Technologies from $54.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and an average target price of $70.25.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $57.53, for a total value of $1,438,250.00. Following the transaction, the director now owns 1,380,078 shares in the company, valued at approximately $79,395,887.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $160,091.98. Following the completion of the sale, the senior vice president now owns 79,156 shares in the company, valued at $4,681,285.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Connor Kevin J. O sold 25,000 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the transaction, the director now directly owns 1,380,078 shares in the company, valued at approximately $79,395,887.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,748 shares of company stock valued at $5,661,056 in the last 90 days. 29.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after purchasing an additional 175 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies during the third quarter valued at about $26,000. Signaturefd LLC increased its position in shares of Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares in the last quarter. Rothschild Investment LLC bought a new stake in Procore Technologies during the 2nd quarter worth approximately $51,000. Finally, International Assets Investment Management LLC lifted its holdings in shares of Procore Technologies by 6,069.2% in the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after purchasing an additional 789 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Performance

The company’s 50 day moving average price is $59.86 and its 200-day moving average price is $63.93. The stock has a market cap of $10.04 billion, a P/E ratio of -108.75 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. Equities analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current fiscal year.

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.