Procore Technologies (NYSE:PCOR) Shares Gap Up Following Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report)'s share price gapped up prior to trading on Friday after JMP Securities raised their price target on the stock from $90.00 to $95.00. The stock had previously closed at $75.10, but opened at $81.05. JMP Securities currently has a market outperform rating on the stock. Procore Technologies shares last traded at $83.01, with a volume of 816,142 shares changing hands.

Several other equities research analysts also recently weighed in on the company. UBS Group increased their price objective on Procore Technologies from $105.00 to $110.00 and gave the company a "buy" rating in a report on Friday. Stifel Nicolaus increased their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Wednesday, December 18th. Piper Sandler lifted their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday. The Goldman Sachs Group upped their target price on shares of Procore Technologies from $73.00 to $83.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. raised their price target on Procore Technologies from $85.00 to $92.00 and gave the stock an "overweight" rating in a report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.94.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $76.18, for a total value of $114,270.00. Following the completion of the sale, the insider now owns 84,539 shares of the company's stock, valued at $6,440,181.02. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Howard Fu sold 7,809 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $557,250.24. Following the transaction, the chief financial officer now owns 164,188 shares in the company, valued at $11,716,455.68. This trade represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 114,656 shares of company stock valued at $8,776,297 in the last quarter. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently modified their holdings of PCOR. JT Stratford LLC purchased a new stake in shares of Procore Technologies during the 4th quarter worth about $284,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Procore Technologies by 15.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 298,239 shares of the company's stock worth $22,347,000 after purchasing an additional 39,935 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in Procore Technologies in the fourth quarter valued at about $14,855,000. Woodline Partners LP raised its stake in Procore Technologies by 45.8% during the fourth quarter. Woodline Partners LP now owns 691,980 shares of the company's stock valued at $51,850,000 after buying an additional 217,351 shares in the last quarter. Finally, Spyglass Capital Management LLC lifted its holdings in Procore Technologies by 12.0% during the 4th quarter. Spyglass Capital Management LLC now owns 1,048,154 shares of the company's stock worth $78,538,000 after buying an additional 112,258 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Trading Up 1.1 %

The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market cap of $13.14 billion, a price-to-earnings ratio of -176.84 and a beta of 0.84. The firm has a 50-day moving average price of $77.89 and a 200 day moving average price of $68.95.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post -0.22 EPS 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.