Procore Technologies (NYSE:PCOR) Sets New 1-Year High Following Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report)'s share price reached a new 52-week high on Saturday after JMP Securities raised their price target on the stock from $90.00 to $95.00. JMP Securities currently has a market outperform rating on the stock. Procore Technologies traded as high as $87.90 and last traded at $87.48, with a volume of 4580396 shares trading hands. The stock had previously closed at $75.10.

Several other research firms also recently weighed in on PCOR. Piper Sandler lifted their price objective on Procore Technologies from $90.00 to $110.00 and gave the company an "overweight" rating in a report on Friday. KeyCorp upped their price target on shares of Procore Technologies from $85.00 to $96.00 and gave the stock an "overweight" rating in a research report on Friday. Jefferies Financial Group raised shares of Procore Technologies from a "hold" rating to a "buy" rating and lifted their price objective for the company from $80.00 to $100.00 in a report on Monday, January 6th. The Goldman Sachs Group upped their target price on Procore Technologies from $73.00 to $83.00 and gave the stock a "buy" rating in a report on Friday, November 22nd. Finally, Robert W. Baird lifted their price target on Procore Technologies from $87.00 to $96.00 and gave the company an "outperform" rating in a report on Thursday, December 12th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $89.94.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 6,410 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $76.77, for a total value of $492,095.70. Following the transaction, the director now owns 1,231,368 shares in the company, valued at $94,532,121.36. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of Procore Technologies stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $190,388.48. Following the completion of the sale, the senior vice president now directly owns 72,605 shares in the company, valued at $5,181,092.80. This represents a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 114,656 shares of company stock valued at $8,776,297. 29.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Vanguard Group Inc. raised its position in shares of Procore Technologies by 7.6% in the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock valued at $891,692,000 after buying an additional 838,925 shares during the last quarter. Capital World Investors raised its holdings in Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after acquiring an additional 2,555,612 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock worth $214,377,000 after purchasing an additional 1,425,967 shares in the last quarter. Meritage Group LP grew its position in shares of Procore Technologies by 66.6% in the third quarter. Meritage Group LP now owns 2,745,504 shares of the company's stock valued at $169,453,000 after purchasing an additional 1,098,019 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Performance

The stock has a 50-day moving average of $77.72 and a 200 day moving average of $68.73. The stock has a market cap of $13.08 billion, a PE ratio of -175.66 and a beta of 0.84. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The company had revenue of $302.05 million for the quarter, compared to analysts' expectations of $297.72 million. Equities analysts predict that Procore Technologies, Inc. will post -0.22 EPS for the current fiscal 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.