Procore Technologies (NYSE:PCOR) Trading 9.3% Higher – Here’s What Happened

Procore Technologies, Inc. (NYSE:PCOR)’s stock price traded up 9.3% on Monday . The company traded as high as $46.52 and last traded at $46.81. Approximately 649,675 shares were traded during trading, a decline of 75% from the average daily volume of 2,640,271 shares. The stock had previously closed at $42.83.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday. Jefferies Financial Group dropped their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. UBS Group cut their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Finally, Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $70.47.

Procore Technologies Stock Performance

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $7.03 billion, a price-to-earnings ratio of -91.37 and a beta of 0.75. The stock’s fifty day simple moving average is $44.49 and its 200-day simple moving average is $52.57.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 EPS. Analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the transaction, the director directly owned 967,901 shares of the company’s stock, valued at approximately $40,584,088.93. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock worth $8,791,847 in the last quarter. 16.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PCOR. Brighton Jones LLC purchased a new position in shares of Procore Technologies in the 4th quarter valued at $511,000. Goldman Sachs Group Inc. boosted its stake in Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after acquiring an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Procore Technologies by 56.8% during the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after purchasing an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares during the last quarter. Hedge funds and other institutional investors 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.