Procore Technologies (NYSE:PCOR) Upgraded by Baird R W to Strong-Buy

Procore Technologies (NYSE:PCOR) was upgraded by investment analysts at Baird R W to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports.

PCOR has been the subject of a number of other research reports. Macquarie reiterated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Scotiabank dropped their price objective on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Barclays downgraded Procore Technologies from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $78.00 to $54.00 in a report on Friday, August 2nd. BMO Capital Markets dropped their price target on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Robert W. Baird initiated coverage on Procore Technologies in a research note on Tuesday. They issued an “outperform” rating and a $73.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.50.

Procore Technologies Trading Up 1.8 %

Shares of PCOR stock opened at $61.63 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a fifty day moving average of $59.75 and a 200-day moving average of $66.97. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of -64.20 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 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 net margin of 8.54% and a negative return on equity of 4.13%. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.28) earnings per share. On average, equities research analysts forecast that Procore Technologies 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 the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $66.13, for a total value of $132,260.00. Following the sale, the insider now directly owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the transaction, the senior vice president now owns 79,156 shares of the company’s stock, valued at approximately $4,681,285.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $66.13, for a total transaction of $132,260.00. Following the completion of the sale, the insider now owns 108,705 shares in the company, valued at $7,188,661.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,890 shares of company stock valued at $10,540,071. 29.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Procore Technologies by 1.0% in the first quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after acquiring an additional 94,190 shares during the last quarter. Cadian Capital Management LP boosted its stake in shares of Procore Technologies by 22.9% during the 4th quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock worth $257,384,000 after acquiring an additional 692,218 shares during the period. XN LP boosted its stake in shares of Procore Technologies by 101.1% during the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after acquiring an additional 1,411,812 shares during the period. Dragoneer Investment Group LLC increased its holdings in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after acquiring an additional 1,609,607 shares during the last quarter. Finally, Robeco Schweiz AG raised its position in shares of Procore Technologies by 20.1% in the second quarter. Robeco Schweiz AG now owns 1,315,000 shares of the company’s stock valued at $87,198,000 after purchasing an additional 220,000 shares during the period. 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.