Procore Technologies (NYSE:PCOR) Upgraded at Citizens Jmp

Key Points

• Citizens Jmp upgraded Procore from "market perform" to "mkt outperform" with a $71 price target (implying ~28.9% upside); the stock's consensus rating is a Moderate Buy with an average target of $73.75 (14 Buys, 3 Holds, 1 Sell).
• Procore beat quarterly estimates with $0.37 EPS (vs. $0.35) and $349.1M revenue (up 15.6% YoY), but the stock trades around $55 (market cap $8.31B) amid notable insider selling of ~148,026 shares (~$7.78M) in the past 90 days.

Procore Technologies (NYSE:PCOR - Get Free Report) was upgraded by research analysts at Citizens Jmp from a "market perform" rating to a "mkt outperform" rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $71.00 target price on the stock. Citizens Jmp's target price would suggest a potential upside of 28.92% from the company's previous close.

Several other equities analysts have also recently commented on the stock. UBS Group cut their target price on shares of Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a research note on Tuesday, February 3rd. DA Davidson cut their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, February 13th. Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th. KeyCorp decreased their target price on Procore Technologies from $91.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, February 6th. Finally, Barclays lowered their price target on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Fourteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $73.75.

Procore Technologies Stock Performance

NYSE:PCOR traded down $0.46 during mid-day trading on Wednesday, hitting $55.08. 95,221 shares of the company's stock traded hands, compared to its average volume of 2,392,245. The firm has a market capitalization of $8.31 billion, a price-to-earnings ratio of -82.14 and a beta of 0.85. The firm has a 50 day moving average of $55.44 and a two-hundred day moving average of $64.77. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies has a 12 month low of $46.08 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. The company had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The company's quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.01 earnings per share. On average, equities analysts forecast that Procore Technologies will post 0.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 9,615 shares of the business's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total value of $523,825.20. Following the sale, the director owned 1,012,136 shares of the company's stock, valued at $55,141,169.28. The trade was a 0.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction on Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the completion of the sale, the chairman owned 927,580 shares in the company, valued at $44,189,911.20. This trade represents a 5.71% 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. Insiders sold 148,026 shares of company stock worth $7,783,734 in the last 90 days. 21.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in the company. Abel Hall LLC bought a new position in Procore Technologies during the 1st quarter valued at about $205,000. Stephens Investment Management Group LLC increased its holdings in shares of Procore Technologies by 23.3% during the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company's stock worth $30,960,000 after buying an additional 102,574 shares in the last quarter. Praxis Investment Management Inc. bought a new position in shares of Procore Technologies in the first quarter valued at approximately $303,000. Argos Wealth Advisors LLC raised its stake in shares of Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock valued at $294,000 after acquiring an additional 195 shares during the last quarter. Finally, Strs Ohio boosted its holdings in shares of Procore Technologies by 9.1% in the 1st quarter. Strs Ohio now owns 2,996 shares of the company's stock worth $171,000 after acquiring an additional 251 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. 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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