Procore Technologies (NYSE:PCOR) Upgraded to “Strong-Buy” at Guggenheim

Guggenheim upgraded shares of Procore Technologies (NYSE:PCOR) to a strong-buy rating in a report published on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. TD Cowen dropped their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a research note on Wednesday, April 29th. Jefferies Financial Group dropped their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a report on Tuesday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $41.18 on Wednesday. The firm has a market cap of $6.21 billion, a P/E ratio of -80.75 and a beta of 0.75. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The company has a 50 day moving average of $44.56 and a 200 day moving average of $52.78.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The business had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 earnings per share. As a group, research analysts expect that Procore Technologies will post 0.06 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 189,621 shares of company stock valued at $8,791,847 in the last 90 days. Company insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PCOR. Argos Wealth Advisors LLC lifted its holdings in shares of Procore Technologies by 3.9% in the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after acquiring an additional 195 shares during the last quarter. Intellectus Partners LLC grew its holdings in Procore Technologies by 1.6% during the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock valued at $924,000 after purchasing an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after purchasing an additional 202 shares during the last quarter. Allworth Financial LP raised its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Vident Advisory LLC raised its position in Procore Technologies by 6.0% in the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock worth $281,000 after purchasing an additional 219 shares during the period. 81.10% of the stock is currently owned by institutional investors.

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.