Procore Technologies (NYSE:PCOR) Upgraded to Strong-Buy at Baird R W

Baird R W upgraded shares of Procore Technologies (NYSE:PCOR) to a strong-buy rating in a research note published on Tuesday, Zacks.com reports.

Several other research firms have also issued reports on PCOR. Macquarie reiterated a neutral rating and issued a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. Stifel Nicolaus reduced their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a buy rating for the company in a research note on Friday, August 2nd. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $85.00 to $73.00 and set a buy rating for the company in a research note on Friday, August 2nd. Barclays downgraded Procore Technologies from an overweight rating to an equal weight rating and reduced their price target for the stock from $78.00 to $54.00 in a research report on Friday, August 2nd. Finally, Piper Sandler decreased their price objective on Procore Technologies from $74.00 to $63.00 and set an overweight rating for the company in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Procore Technologies presently has an average rating of Moderate Buy and a consensus target price of $69.50.

Procore Technologies Trading Up 0.7 %

Shares of NYSE PCOR opened at $62.05 on Tuesday. Procore Technologies has a twelve month low of $48.11 and a twelve month high of $83.35. The firm has a market cap of $9.16 billion, a PE ratio of -64.63 and a beta of 0.73. The business has a fifty day simple moving average of $59.62 and a two-hundred day simple moving average of $66.84. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.14. The firm had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company’s revenue was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.28) EPS. Analysts expect that Procore Technologies will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $65.59, for a total value of $4,460,120.00. Following the sale, the chief executive officer now owns 527,349 shares in the company, valued at approximately $34,588,820.91. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total transaction of $299,885.44. Following the transaction, the director now owns 1,360,848 shares in the company, valued at $79,582,391.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $65.59, for a total value of $4,460,120.00. Following the completion of the sale, the chief executive officer now directly owns 527,349 shares in the company, valued at $34,588,820.91. The disclosure for this sale can be found here. Insiders have sold 169,890 shares of company stock worth $10,540,071 over the last quarter. 29.00% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. 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 purchasing an additional 216 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of Procore Technologies during the second quarter worth $51,000. Quarry LP raised its position in shares of Procore Technologies by 984.6% in the second quarter. Quarry LP now owns 1,128 shares of the company’s stock valued at $75,000 after buying an additional 1,024 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in Procore Technologies by 30.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after acquiring an additional 297 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.