Procore Technologies (NYSE:PCOR) Earns Buy Rating from Analysts at UBS Group

Stock analysts at UBS Group started coverage on shares of Procore Technologies (NYSE:PCOR) in a report released on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $105.00 price target on the stock. UBS Group’s target price would suggest a potential upside of 27.01% from the stock’s previous close.

Several other brokerages also recently issued reports on PCOR. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Barclays increased their target price on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Canaccord Genuity Group lifted their price objective on shares of Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. KeyCorp raised their target price on shares of Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, DA Davidson raised their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.65.

Procore Technologies Stock Up 2.3 %

Shares of NYSE:PCOR opened at $82.67 on Monday. 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 capitalization of $12.29 billion, a price-to-earnings ratio of -165.34 and a beta of 0.82. The business has a 50-day moving average price of $66.88 and a 200 day moving average price of $64.43. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). The company had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Sell-side analysts expect that Procore Technologies will post -0.23 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In related news, Director Kathryn Bueker sold 6,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $78.01, for a total transaction of $507,065.00. Following the completion of the transaction, the director now directly owns 23,932 shares in the company, valued at $1,866,935.32. This represents a 21.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $1,617,374.40. Following the completion of the transaction, the chief executive officer now owns 770,458 shares of the company’s stock, valued at $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,553 shares of company stock valued at $7,933,974 in the last quarter. Company insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently modified their holdings of the business. Dragoneer Investment Group LLC increased its position in 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 purchasing an additional 1,609,607 shares during the period. Wasatch Advisors LP increased its position in shares of Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after buying an additional 1,575,534 shares during the period. Assenagon Asset Management S.A. bought a new position in Procore Technologies during the third quarter worth $88,572,000. XN LP raised its stake in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after buying an additional 1,411,812 shares during the last quarter. Finally, PointState Capital LP acquired a new position in Procore Technologies in the third quarter valued at $81,306,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.