Procore Technologies, Inc. (NYSE:PCOR) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are currently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $90.24.

Several equities research analysts recently issued reports on the stock. Mizuho raised their target price on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Stifel Nicolaus increased their target price on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Piper Sandler lifted their price target on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Robert W. Baird upped their target price on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Finally, Canaccord Genuity Group increased their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, February 14th.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $70.06 on Thursday. The company has a 50-day moving average price of $76.15 and a 200 day moving average price of $71.87. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $88.92. The company has a market cap of $10.50 billion, a P/E ratio of -97.30 and a beta of 0.85. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). The business had revenue of $302.05 million for the quarter, compared to analysts’ expectations of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. Research analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, CRO Lawrence Joseph Stack sold 12,000 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $82.92, for a total transaction of $995,040.00. Following the transaction, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. The trade was a 6.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Howard Fu sold 1,447 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $68.79, for a total value of $99,539.13. Following the completion of the sale, the chief financial officer now owns 144,713 shares in the company, valued at approximately $9,954,807.27. This trade represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,604 shares of company stock valued at $5,427,468 over the last 90 days. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PCOR. Cache Advisors LLC acquired a new stake in Procore Technologies during the 4th quarter worth approximately $2,909,000. JT Stratford LLC bought a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $284,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Procore Technologies by 15.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 298,239 shares of the company’s stock valued at $22,347,000 after acquiring an additional 39,935 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Procore Technologies in the 4th quarter worth $14,855,000. Finally, Woodline Partners LP boosted its position in Procore Technologies by 45.8% in the fourth quarter. Woodline Partners LP now owns 691,980 shares of the company’s stock worth $51,850,000 after purchasing an additional 217,351 shares during the last quarter. 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.