Jefferies Financial Group Upgrades Procore Technologies (NYSE:PCOR) to “Buy”

Procore Technologies (NYSE:PCOR) was upgraded by research analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research report issued on Monday, Marketbeat Ratings reports. The firm presently has a $100.00 price target on the stock, up from their prior price target of $80.00. Jefferies Financial Group’s price target would indicate a potential upside of 31.27% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Barclays lifted their target price on Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. The Goldman Sachs Group raised their target price on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. JMP Securities upped their price target on Procore Technologies from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research report on Monday, December 2nd. Finally, Mizuho increased their price objective on Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $86.00.

Procore Technologies Price Performance

Shares of PCOR opened at $76.18 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The company has a 50 day moving average price of $75.75 and a 200-day moving average price of $66.61. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $86.67. The stock has a market capitalization of $11.33 billion, a PE ratio of -152.36 and a beta of 0.83.

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. Equities analysts predict that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 33,332 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the transaction, the director now directly owns 1,282,648 shares of the company’s stock, valued at approximately $105,087,350.64. The trade was a 2.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $1,617,374.40. Following the completion of the sale, the chief executive officer now owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 142,693 shares of company stock worth $10,479,096 over the last 90 days. 29.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its stake in shares of Procore Technologies by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after purchasing an additional 143 shares in the last quarter. Tanager Wealth Management LLP grew its holdings in Procore Technologies by 1.3% in the third quarter. Tanager Wealth Management LLP now owns 12,747 shares of the company’s stock valued at $787,000 after purchasing an additional 168 shares during the period. GAMMA Investing LLC grew its holdings in Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after purchasing an additional 175 shares during the period. Versant Capital Management Inc increased its position in shares of Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after buying an additional 175 shares in the last quarter. Finally, OneDigital Investment Advisors LLC raised its stake in shares of Procore Technologies by 6.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 5,213 shares of the company’s stock worth $322,000 after buying an additional 336 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.