Procore Technologies, Inc. (NYSE:PCOR) Receives $77.05 Average PT from Analysts

Procore Technologies, Inc. (NYSE:PCOR) has received an average recommendation of “Moderate Buy” from the twenty-one analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and sixteen have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $76.3333.

A number of research firms have recently commented on PCOR. Zacks Research raised Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Piper Sandler reduced their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. TD Cowen lifted their target price on Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Barclays lowered their target price on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd.

Insider Activity at Procore Technologies

In other news, insider Benjamin C. Singer sold 4,225 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at approximately $3,233,000. This represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the transaction, the director owned 1,012,136 shares of the company’s stock, valued at $55,141,169.28. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 93,827 shares of company stock valued at $5,310,132 in the last quarter. Insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC boosted its stake in shares of Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies in the third quarter valued at approximately $34,000. Jones Financial Companies Lllp raised its holdings in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies in the 4th quarter valued at approximately $41,000. Finally, Allworth Financial LP boosted its position in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $58.03 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The company has a market cap of $8.71 billion, a PE ratio of -86.61 and a beta of 0.85. The company has a 50 day moving average of $55.63 and a 200-day moving average of $67.01. Procore Technologies has a 1-year low of $46.08 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. During the same period last year, the firm posted $0.01 earnings per share. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, equities research analysts forecast that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

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. 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.