Procore Technologies (NYSE:PCOR) Trading Up 6.4%

Procore Technologies, Inc. (NYSE:PCOR) shares shot up 6.4% on Thursday . The company traded as high as $60.80 and last traded at $60.49. 369,135 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 1,516,916 shares. The stock had previously closed at $56.86.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PCOR shares. Mizuho restated a “neutral” rating and set a $70.00 price target (down previously from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. KeyCorp decreased their target price on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Piper Sandler lowered their target price on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. JMP Securities cut their price target on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research note on Friday, August 2nd. Finally, Scotiabank lowered their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.31.

Procore Technologies Trading Up 6.5 %

The stock has a market cap of $8.94 billion, a P/E ratio of -62.98 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The firm’s fifty day moving average price is $60.72 and its two-hundred day moving average price is $67.62.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.14. The company had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.28) earnings per share. As a group, equities research analysts forecast that Procore Technologies, Inc. will post -0.28 EPS for the current year.

Insider Activity

In other Procore Technologies news, CFO Howard Fu sold 1,142 shares of Procore Technologies stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $68.68, for a total value of $78,432.56. Following the transaction, the chief financial officer now directly owns 181,419 shares of the company’s stock, valued at approximately $12,459,856.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $160,091.98. Following the sale, the senior vice president now directly owns 79,156 shares in the company, valued at approximately $4,681,285.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Howard Fu sold 1,142 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $68.68, for a total value of $78,432.56. Following the transaction, the chief financial officer now directly owns 181,419 shares in the company, valued at $12,459,856.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 164,586 shares of company stock valued at $10,291,025. Corporate insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several large investors have recently added to or reduced their stakes in the stock. Sycomore Asset Management boosted its position in Procore Technologies by 61.1% during the 2nd quarter. Sycomore Asset Management now owns 174,723 shares of the company’s stock valued at $11,016,000 after acquiring an additional 66,248 shares in the last quarter. Ariadne Wealth Management LP purchased a new position in shares of Procore Technologies in the 2nd quarter valued at approximately $501,000. Quarry LP boosted its position in shares of Procore Technologies by 984.6% during the second quarter. Quarry LP now owns 1,128 shares of the company’s stock valued at $75,000 after purchasing an additional 1,024 shares in the last quarter. Algert Global LLC grew its stake in Procore Technologies by 15.8% in the second quarter. Algert Global LLC now owns 34,006 shares of the company’s stock worth $2,255,000 after purchasing an additional 4,646 shares during the period. Finally, Susquehanna Fundamental Investments LLC raised its holdings in Procore Technologies by 26.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 45,731 shares of the company’s stock worth $3,032,000 after purchasing an additional 9,596 shares in the last quarter. 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.