Procore Technologies (NYSE:PCOR) Sees Unusually-High Trading Volume on Analyst Upgrade

Procore Technologies, Inc. (NYSE:PCOR) saw an uptick in trading volume on Thursday after Piper Sandler raised their price target on the stock from $63.00 to $70.00. Piper Sandler currently has an overweight rating on the stock. 989,662 shares changed hands during mid-day 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.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. KeyCorp lowered their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. BMO Capital Markets cut their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Barclays upped their target price on Procore Technologies from $54.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Jefferies Financial Group lifted their price target on shares of Procore Technologies from $60.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.25.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $62.88, for a total value of $322,448.64. Following the completion of the transaction, the director now directly owns 1,345,464 shares of the company’s stock, valued at approximately $84,602,776.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Connor Kevin J. O sold 8,974 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the sale, the director now directly owns 1,371,104 shares in the company, valued at $79,606,298.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $62.88, for a total value of $322,448.64. Following the transaction, the director now owns 1,345,464 shares in the company, valued at approximately $84,602,776.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,748 shares of company stock valued at $5,661,056. 29.00% of the stock is owned by insiders.

Institutional Trading of Procore Technologies

Several large investors have recently added to or reduced their stakes in PCOR. Dragoneer Investment Group LLC raised its position in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after buying an additional 1,609,607 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Procore Technologies during the third quarter worth about $88,572,000. XN LP lifted its position in Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the period. Meritage Group LP acquired a new position in Procore Technologies during the 1st quarter worth approximately $106,738,000. Finally, William Blair Investment Management LLC acquired a new stake in shares of Procore Technologies in the 1st quarter valued at approximately $91,158,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Stock Performance

The stock has a 50 day moving average of $59.86 and a two-hundred day moving average of $63.93. The stock has a market capitalization of $10.04 billion, a PE ratio of -108.75 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. Research analysts expect that Procore Technologies, Inc. will post -0.28 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.