Zacks Research Upgrades Procore Technologies (NYSE:PCOR) to "Strong-Buy"

Key Points

• Zacks Research upgraded Procore Technologies to “Strong Buy” from “Hold.” The broader analyst consensus is “Moderate Buy,” with a consensus price target of $70.44.
• Procore’s latest quarterly results exceeded expectations, with EPS of $0.47 versus a $0.42 estimate and revenue of $375.21 million versus a $365.82 million forecast; revenue rose 15.8% year over year.
• PCOR shares opened at $57.93, below the consensus target, while insiders have sold 231,892 shares worth about $11.6 million over the past three months.

Procore Technologies (NYSE:PCOR - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Thursday, Zacks reports.

A number of other research analysts also recently commented on PCOR. BMO Capital Markets upped their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Piper Sandler lowered their target price on shares of Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, July 31st. UBS Group upped their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Jefferies Financial Group decreased their target price on Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. Finally, The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $70.44.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $57.93 on Thursday. The company has a 50-day simple moving average of $52.40 and a 200-day simple moving average of $51.86. The company has a market cap of $8.80 billion, a PE ratio of -222.81 and a beta of 0.74. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to analysts' expectations of $365.82 million. During the same quarter last year, the firm earned $0.35 earnings per share. The business's revenue was up 15.8% on a year-over-year basis. On average, analysts anticipate that Procore Technologies will post 0.41 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the transaction, the senior vice president directly owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kevin O'Connor sold 15,386 shares of Procore Technologies stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total value of $845,152.98. Following the completion of the transaction, the director owned 946,746 shares of the company's stock, valued at approximately $52,004,757.78. The trade was a 1.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 231,892 shares of company stock worth $11,613,268. 16.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently modified their holdings of the company. SJS Investment Consulting Inc. raised its holdings in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the third quarter worth about $34,000. Twin Tree Management LP acquired a new stake in Procore Technologies in the second quarter worth about $40,000. Allworth Financial LP grew its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new position in Procore Technologies during the 2nd quarter valued at about $52,000. 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. 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.

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