Procore Technologies (NYSE:PCOR) Raised to Strong-Buy at Baird R W

Baird R W upgraded shares of Procore Technologies (NYSE:PCOR) to a strong-buy rating in a research note published on Tuesday, Zacks.com reports.

A number of other analysts also recently weighed in on PCOR. Macquarie reissued a neutral rating and set a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. JPMorgan Chase & Co. decreased their price target on shares of Procore Technologies from $90.00 to $75.00 and set an overweight rating for the company in a research report on Friday, August 2nd. TD Cowen initiated coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They set a buy rating and a $85.00 price target for the company. Piper Sandler decreased their price target on shares of Procore Technologies from $74.00 to $63.00 and set an overweight rating for the company in a research report on Friday, August 2nd. Finally, Robert W. Baird assumed coverage on Procore Technologies in a research note on Tuesday. They set an outperform rating and a $73.00 price objective on the stock. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $69.50.

Procore Technologies Stock Up 1.8 %

Shares of NYSE:PCOR opened at $61.63 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a 50 day moving average of $59.75 and a two-hundred day moving average of $66.97. The company has a market capitalization of $9.10 billion, a price-to-earnings ratio of -64.20 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same quarter last year, the company earned ($0.28) earnings per share. Procore Technologies’s revenue for the quarter was up 24.4% on a year-over-year basis. As a group, analysts forecast that Procore Technologies will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the sale, the director now directly owns 1,360,848 shares in the company, valued at $79,582,391.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $58.48, for a total transaction of $299,885.44. Following the sale, the director now directly owns 1,360,848 shares in the company, valued at $79,582,391.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Connor Kevin J. O sold 8,974 shares of Procore Technologies stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the sale, the director now owns 1,371,104 shares in the company, valued at $79,606,298.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 169,890 shares of company stock worth $10,540,071. 29.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Signaturefd LLC grew its holdings in Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the period. Rothschild Investment LLC purchased a new position in Procore Technologies in the 2nd quarter worth about $51,000. Quarry LP increased its stake in Procore Technologies by 984.6% in the 2nd quarter. Quarry LP now owns 1,128 shares of the company’s stock worth $75,000 after purchasing an additional 1,024 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after purchasing an additional 260 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its stake in Procore Technologies by 30.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after purchasing an additional 297 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Company Profile

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.