Procore Technologies (NYSE:PCOR) Shares Up 5.8% – Here’s Why

Procore Technologies, Inc. (NYSE:PCOR) traded up 5.8% during trading on Friday . The stock traded as high as $64.33 and last traded at $64.33. 456,736 shares were traded during trading, a decline of 70% from the average session volume of 1,532,234 shares. The stock had previously closed at $60.82.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PCOR. Barclays lifted their target price on shares of Procore Technologies from $54.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. BMO Capital Markets lowered their target price on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Piper Sandler cut their price target on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. JMP Securities decreased their price objective on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Scotiabank cut their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note 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 data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.13.

Procore Technologies Price Performance

The business’s fifty day moving average price is $58.01 and its 200-day moving average price is $65.35. The company has a market capitalization of $9.30 billion, a P/E ratio of -99.94 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 4.13% and a negative net margin of 8.54%. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.28) EPS. As a group, sell-side analysts predict that Procore Technologies, Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the transaction, the insider now owns 106,705 shares in the company, valued at $7,469,350. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $69.48, for a total value of $356,293.44. Following the completion of the sale, the director now owns 1,448,159 shares in the company, valued at approximately $100,618,087.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider now owns 106,705 shares in the company, valued at $7,469,350. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 99,890 shares of company stock worth $5,947,691 over the last ninety days. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently added to or reduced their stakes in PCOR. GAMMA Investing LLC lifted its holdings in Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after buying an additional 175 shares during the period. Signaturefd LLC lifted its stake in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the period. Rothschild Investment LLC bought a new stake in Procore Technologies in the second quarter valued at $51,000. Quarry LP boosted its holdings in 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 acquiring an additional 1,024 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. 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.