Procore Technologies (NYSE:PCOR) Stock Price Up 8.3% – Still a Buy?

Procore Technologies, Inc. (NYSE:PCOR) was up 8.3% during mid-day trading on Thursday . The stock traded as high as $76.41 and last traded at $76.09. Approximately 2,287,808 shares traded hands during mid-day trading, an increase of 45% from the average daily volume of 1,578,862 shares. The stock had previously closed at $70.26.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PCOR. Stifel Nicolaus raised their price target on shares of Procore Technologies from $70.00 to $84.00 and gave the company a “buy” rating in a research report on Friday. JMP Securities reduced their target price on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a report on Thursday, October 31st. Macquarie reaffirmed a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price objective on Procore Technologies from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Jefferies Financial Group boosted their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Trading Up 1.9 %

The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a fifty day moving average of $64.19 and a 200 day moving average of $63.98.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The firm had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, analysts forecast that Procore Technologies, Inc. will post -0.23 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the completion of the sale, the director now directly owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. This trade represents a 0.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the transaction, the chief executive officer now directly owns 770,458 shares in the company, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,053 shares of company stock valued at $7,426,909 over the last 90 days. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently made changes to their positions in the company. Coldstream Capital Management Inc. purchased a new position in shares of Procore Technologies in the third quarter valued at $235,000. Geode Capital Management LLC increased its holdings in shares of Procore Technologies by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after buying an additional 168,769 shares during the last quarter. Bullseye Asset Management LLC raised its position in shares of Procore Technologies by 50.0% during the 3rd quarter. Bullseye Asset Management LLC now owns 14,993 shares of the company’s stock valued at $925,000 after buying an additional 5,000 shares in the last quarter. M&T Bank Corp bought a new position in shares of Procore Technologies in the 3rd quarter valued at about $250,000. Finally, Barclays PLC grew its position in Procore Technologies by 49.1% in the third quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after acquiring an additional 22,734 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

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.