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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received an average recommendation of “Moderate Buy” from the eighteen brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $71.3333.

A number of research firms have recently weighed in on PCOR. TD Cowen reduced their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. UBS Group lowered their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. BTIG Research reissued a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Wednesday, May 6th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a report on Wednesday, April 29th.

Procore Technologies Price Performance

Shares of PCOR stock opened at $43.34 on Wednesday. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of -84.98 and a beta of 0.75. The business’s fifty day moving average is $45.90 and its 200 day moving average is $54.66. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 EPS. Research analysts expect that Procore Technologies will post 0.06 EPS for the current fiscal year.

Insider Activity

In other news, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares of the company’s stock, valued at $4,836,150. The trade was a 3.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at approximately $41,515,438.56. This represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 139,268 shares of company stock worth $6,622,714. Insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. increased its holdings in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies in the 3rd quarter worth about $34,000. V Square Quantitative Management LLC bought a new position in Procore Technologies in the 4th quarter worth about $41,000. Allworth Financial LP boosted its stake in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas purchased a new stake in Procore Technologies during the 4th quarter valued at about $54,000. 81.10% of the stock is owned by institutional investors.

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.