Procore Technologies (NYSE:PCOR) Shares Up 8.3% – Time to Buy?

Shares of Procore Technologies, Inc. (NYSE:PCOR) were up 8.3% on Thursday . The company traded as high as $76.41 and last traded at $76.09. Approximately 2,287,808 shares changed hands during 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

PCOR has been the subject of several analyst reports. Jefferies Financial Group raised their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, November 18th. Barclays raised their price objective on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday. Stifel Nicolaus increased their price target on Procore Technologies from $70.00 to $84.00 and gave the stock a “buy” rating in a report on Friday. Canaccord Genuity Group raised their price target on Procore Technologies from $67.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Baird R W raised Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm’s 50-day moving average price is $64.19 and its two-hundred day moving average price is $63.98.

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

Insider Activity at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total value of $1,061,250.00. Following the completion of the sale, the senior vice president now owns 75,120 shares of the company’s stock, valued at approximately $5,314,740. This trade represents a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard Fu sold 1,500 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $71.75, for a total value of $107,625.00. Following the sale, the chief financial officer now owns 171,997 shares in the company, valued at $12,340,784.75. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,053 shares of company stock valued at $7,426,909 over the last quarter. 29.00% of the stock is owned by corporate insiders.

Institutional Trading of Procore Technologies

Institutional investors have recently bought and sold shares of the stock. Dragoneer Investment Group LLC grew 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 worth $148,762,000 after purchasing an additional 1,609,607 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 27,239.5% in the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after buying an additional 1,575,534 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Procore Technologies during the third quarter worth about $88,572,000. XN LP raised its position in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after acquiring an additional 1,411,812 shares in the last quarter. Finally, PointState Capital LP purchased a new position in Procore Technologies during the third quarter valued at approximately $81,306,000. 81.10% of the stock is currently 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.