Procore Technologies (NYSE:PCOR) Sees Strong Trading Volume Following Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) saw an uptick in trading volume on Thursday after Barclays raised their price target on the stock from $64.00 to $66.00. Barclays currently has an equal weight rating on the stock. 989,662 shares traded hands during trading, a decline of 35% from the previous session's volume of 1,528,924 shares.The stock last traded at $68.19 and had previously closed at $62.65.

A number of other analysts have also weighed in on PCOR. Robert W. Baird assumed coverage on Procore Technologies in a research note on Tuesday, September 24th. They issued an "outperform" rating and a $73.00 target price on the stock. Baird R W upgraded shares of Procore Technologies to a "strong-buy" rating in a report on Tuesday, September 24th. DA Davidson reiterated a "neutral" rating and set a $60.00 price objective on shares of Procore Technologies in a research note on Wednesday, October 2nd. Scotiabank dropped their target price on Procore Technologies from $90.00 to $70.00 and set a "sector outperform" rating on the stock in a research report on Friday, August 2nd. Finally, Macquarie reissued a "neutral" rating and issued a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.94.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the sale, the senior vice president now directly owns 79,156 shares of the company's stock, valued at approximately $4,681,285.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the sale, the chief executive officer now directly owns 793,123 shares of the company's stock, valued at $46,905,294.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the firm's stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $160,091.98. Following the sale, the senior vice president now owns 79,156 shares in the company, valued at $4,681,285.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,748 shares of company stock worth $5,661,056. 29.00% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Several institutional investors have recently bought and sold shares of the business. Orion Portfolio Solutions LLC grew its stake in Procore Technologies by 29.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company's stock valued at $6,232,000 after acquiring an additional 17,119 shares during the period. M&G Plc purchased a new stake in shares of Procore Technologies during the first quarter worth about $8,798,000. Swiss National Bank increased its stake in shares of Procore Technologies by 9.3% during the first quarter. Swiss National Bank now owns 184,100 shares of the company's stock worth $15,127,000 after purchasing an additional 15,700 shares in the last quarter. BNP Paribas acquired a new position in shares of Procore Technologies during the 1st quarter worth about $1,349,000. Finally, Park Avenue Securities LLC lifted its stake in Procore Technologies by 16.9% in the 2nd quarter. Park Avenue Securities LLC now owns 8,741 shares of the company's stock valued at $580,000 after buying an additional 1,266 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Trading Up 4.8 %

The company has a 50 day simple moving average of $59.86 and a 200 day simple moving average of $63.93. The company has a market capitalization of $9.70 billion, a PE ratio of -103.37 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.11). Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The firm had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Analysts anticipate that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

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.