Procore Technologies (NYSE:PCOR) Raised to "Hold" at DA Davidson

Procore Technologies (NYSE:PCOR - Get Free Report) was upgraded by DA Davidson to a "hold" rating in a note issued to investors on Tuesday,Zacks.com reports.

PCOR has been the subject of several other reports. Jefferies Financial Group lowered their target price on Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Barclays raised their target price on Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Piper Sandler dropped their price target on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price target on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, Scotiabank dropped their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $81.39.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $74.09 on Tuesday. The business's 50 day moving average price is $68.99 and its two-hundred day moving average price is $70.37. The company has a market cap of $11.05 billion, a PE ratio of -86.15 and a beta of 0.89. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. The company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The firm's revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 earnings per share. On average, analysts predict that Procore Technologies will post -0.15 EPS for the current year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 4,500 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the completion of the transaction, the insider owned 97,557 shares of the company's stock, valued at approximately $7,316,775. This trade represents a 4.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kathryn Bueker sold 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total transaction of $507,010.00. Following the transaction, the director directly owned 16,932 shares of the company's stock, valued at $1,226,384.76. This represents a 29.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 670,243 shares of company stock valued at $43,714,072 in the last three months. 29.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quent Capital LLC boosted its holdings in Procore Technologies by 178,459.1% in the second quarter. Quent Capital LLC now owns 39,283 shares of the company's stock worth $2,688,000 after purchasing an additional 39,261 shares during the last quarter. Vanderbilt University raised its position in Procore Technologies by 13.6% in the second quarter. Vanderbilt University now owns 65,574 shares of the company's stock worth $4,487,000 after acquiring an additional 7,838 shares during the period. Hilltop National Bank bought a new position in Procore Technologies in the second quarter worth approximately $62,000. Mirae Asset Global Investments Co. Ltd. raised its position in Procore Technologies by 8.9% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,030 shares of the company's stock worth $618,000 after acquiring an additional 735 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in Procore Technologies by 2.8% in the second quarter. Robeco Institutional Asset Management B.V. now owns 26,840 shares of the company's stock worth $1,836,000 after acquiring an additional 741 shares during the period. Hedge funds and other 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.

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