Procore Technologies (NYSE:PCOR) Stock Rating Raised to Buy at Loop Capital

Loop Capital upgraded shares of Procore Technologies (NYSE:PCOR) from a hold rating to a buy rating in a report released on Thursday morning, Marketbeat.com reports. They currently have $93.00 target price on the stock.

A number of other equities analysts also recently issued reports on PCOR. TD Cowen upped their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday. UBS Group raised their price objective on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. raised their price objective on Procore Technologies from $69.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday. Piper Sandler initiated coverage on Procore Technologies in a research note on Monday, September 28th. They set an “overweight” rating and a $68.00 target price on the stock. Finally, Guggenheim started coverage on Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price on the stock. Eighteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $80.35.

Procore Technologies Stock Up 0.1%

NYSE:PCOR opened at $75.69 on Thursday. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The firm has a 50 day moving average of $57.29 and a 200 day moving average of $53.44. The stock has a market capitalization of $11.50 billion, a price-to-earnings ratio of -329.09 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.05. Procore Technologies had a negative net margin of 2.31% and a positive return on equity of 2.59%. The company had revenue of $402.31 million during the quarter, compared to the consensus estimate of $384.38 million. During the same period last year, the firm earned $0.42 earnings per share. Procore Technologies’s revenue was up 18.7% compared to the same quarter last year. As a group, analysts expect that Procore Technologies will post 0.41 EPS for the current year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin Singer sold 3,943 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the sale, the insider owned 86,931 shares of the company’s stock, valued at approximately $5,507,078.85. The trade was a 4.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director directly owned 58,371 shares in the company, valued at approximately $3,677,373. This represents a 2.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 206,885 shares of company stock worth $11,601,918 over the last ninety days. Company insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in PCOR. Strs Ohio raised its stake in Procore Technologies by 9.1% in the 1st quarter. Strs Ohio now owns 2,996 shares of the company’s stock worth $171,000 after acquiring an additional 251 shares during the last quarter. Parallel Advisors LLC lifted its position in Procore Technologies by 10.3% during the 3rd quarter. Parallel Advisors LLC now owns 5,264 shares of the company’s stock worth $272,000 after acquiring an additional 492 shares during the period. Versant Capital Management Inc grew its stake in Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after purchasing an additional 529 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in Procore Technologies by 23.2% during the 1st quarter. Meeder Advisory Services Inc. now owns 3,756 shares of the company’s stock valued at $214,000 after purchasing an additional 708 shares during the last quarter. Finally, Assetmark Inc. grew its stake in Procore Technologies by 0.6% during the 1st quarter. Assetmark Inc. now owns 129,017 shares of the company’s stock valued at $7,354,000 after purchasing an additional 778 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies News Summary

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Procore’s Q3 results beat expectations: adjusted earnings were $0.51 per share versus estimates of about $0.45–$0.46, and revenue reached $402.3 million, up 18.7% year over year and above consensus. The earnings and revenue beat likely helped underpin the stock’s recent strength. Procore Q3 results
• Positive Sentiment: Analysts raised targets and reinforced buy-oriented ratings following the results. Goldman Sachs and Piper Sandler set $90 targets; Citizens JMP raised its target to $91, while Loop Capital upgraded the stock from Hold to Buy with a $93 target. Barclays, Guggenheim, BTIG and Cantor Fitzgerald also lifted targets. These revisions signal improved analyst expectations, though targets are not guarantees of future performance. Goldman Sachs target update Citizens JMP target update Loop Capital upgrade
• Neutral Sentiment: A Procore director sold 7,692 shares for about $419,000, but the sale was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by less than 1%, limiting its significance as a bearish signal. Director share sale

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.