Procore Technologies (NYSE:PCOR) Stock Rating Upgraded by Cantor Fitzgerald

Procore Technologies (NYSE:PCOR) was upgraded by equities research analysts at Cantor Fitzgerald to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other analysts also recently issued reports on the company. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Piper Sandler decreased their price objective on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, July 31st. TD Cowen dropped their target price on Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. BMO Capital Markets boosted their target price on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, BTIG Research reaffirmed a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $70.12.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $52.62 on Monday. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The stock has a market cap of $8.00 billion, a P/E ratio of -202.37 and a beta of 0.74. The firm has a 50 day moving average price of $54.07 and a 200 day moving average price of $52.01.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 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 the consensus estimate of $365.82 million. During the same quarter last year, the business posted $0.35 EPS. The firm’s revenue was up 15.8% compared to the same quarter last year. Analysts predict that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $62.03, for a total value of $477,134.76. Following the sale, the director owned 931,362 shares of the company’s stock, valued at approximately $57,772,384.86. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares in the company, valued at $5,507,078.85. The trade was a 4.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 220,348 shares of company stock worth $11,591,165. 16.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PCOR. BlackRock Inc. bought a new stake in shares of Procore Technologies during the 2nd quarter worth approximately $300,345,000. Capital World Investors grew its stake in shares of Procore Technologies by 18.2% in the fourth quarter. Capital World Investors now owns 3,115,612 shares of the company’s stock valued at $226,630,000 after buying an additional 480,513 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Procore Technologies by 95.3% in the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after buying an additional 2,146,182 shares in the last quarter. Geode Capital Management LLC increased its holdings in Procore Technologies by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 2,211,144 shares of the company’s stock worth $160,872,000 after buying an additional 91,204 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Procore Technologies by 8.2% during the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock worth $140,166,000 after buying an additional 260,314 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

About Procore Technologies

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.