Procore Technologies (NYSE:PCOR) Rating Increased to Buy at Wall Street Zen

Procore Technologies (NYSE:PCOR) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other research analysts have also recently issued reports about the company. Piper Sandler boosted their price target on Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday. Mizuho lifted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. DA Davidson raised shares of Procore Technologies to a “hold” rating in a report on Friday. Stifel Nicolaus raised their target price on shares of Procore Technologies from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Finally, Citizens Jmp downgraded shares of Procore Technologies from an “outperform” rating to a “market perform” rating in a report on Friday, August 1st. Fifteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.26.

Procore Technologies Price Performance

NYSE:PCOR traded up $0.56 during trading hours on Friday, hitting $79.65. 1,360,372 shares of the stock traded hands, compared to its average volume of 1,283,707. The company has a market cap of $11.96 billion, a price-to-earnings ratio of -94.82 and a beta of 0.90. Procore Technologies has a 1 year low of $53.71 and a 1 year high of $88.92. The stock has a 50 day moving average price of $72.22 and a 200 day moving average price of $69.37. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative return on equity of 6.17% and a negative net margin of 9.84%.The firm had revenue of $172.21 million during the quarter. Sell-side analysts forecast that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 1,036 shares of Procore Technologies stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $75.00, for a total transaction of $77,700.00. Following the completion of the transaction, the insider directly owned 85,330 shares of the company’s stock, valued at $6,399,750. The trade was a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Howard Fu sold 814 shares of the stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $72.34, for a total transaction of $58,884.76. Following the completion of the sale, the chief financial officer directly owned 187,847 shares in the company, valued at approximately $13,588,851.98. This represents a 0.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,724 shares of company stock worth $2,122,519 over the last three months. 21.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Teacher Retirement System of Texas grew its holdings in shares of Procore Technologies by 89.5% in the first quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company’s stock worth $1,318,000 after purchasing an additional 9,428 shares during the last quarter. US Bancorp DE boosted its position in Procore Technologies by 5.5% in the 2nd quarter. US Bancorp DE now owns 21,638 shares of the company’s stock valued at $1,480,000 after buying an additional 1,131 shares during the period. Brown Advisory Inc. boosted its position in Procore Technologies by 87.4% in the 1st quarter. Brown Advisory Inc. now owns 12,943 shares of the company’s stock valued at $854,000 after buying an additional 6,038 shares during the period. Fred Alger Management LLC grew its stake in Procore Technologies by 15.4% in the 1st quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock worth $2,532,000 after acquiring an additional 5,129 shares in the last quarter. Finally, GC Wealth Management RIA LLC purchased a new position in shares of Procore Technologies during the second quarter worth approximately $513,000. 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.