Procore Technologies, Inc. (NYSE:PCOR) Given Average Rating of “Moderate Buy” by Brokerages

Procore Technologies, Inc. (NYSE:PCOR) has received a consensus rating of “Moderate Buy” from the twenty-three research firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $76.95.

PCOR has been the subject of several research reports. Piper Sandler lowered their price objective on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Canaccord Genuity Group reduced their target price on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a report on Friday, February 13th. The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, KeyCorp reduced their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 814 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total transaction of $59,413.86. Following the transaction, the chief financial officer owned 178,237 shares of the company’s stock, valued at approximately $13,009,518.63. The trade was a 0.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the sale, the insider owned 64,660 shares in the company, valued at $3,233,000. The trade was a 6.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 314,098 shares of company stock worth $22,229,482. 21.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PCOR. Principal Financial Group Inc. raised its position in Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after purchasing an additional 360,207 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Procore Technologies during the third quarter valued at approximately $1,442,000. Envestnet Asset Management Inc. grew its stake in shares of Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after buying an additional 99,706 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Procore Technologies by 17.0% during the second quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock valued at $20,815,000 after buying an additional 44,105 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its holdings in shares of Procore Technologies by 19.6% in the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock worth $26,627,000 after buying an additional 59,923 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

NYSE PCOR opened at $56.09 on Thursday. The stock has a market capitalization of $8.42 billion, a PE ratio of -83.71 and a beta of 0.90. The business has a 50 day simple moving average of $60.02 and a two-hundred day simple moving average of $68.45. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. Procore Technologies has a 1-year low of $46.08 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. During the same period in the prior year, the firm earned $0.01 EPS. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, research analysts predict that Procore Technologies will post -0.15 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.