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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received a consensus rating of “Moderate Buy” from the eighteen research firms that are currently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $80.24.

Several brokerages recently issued reports on PCOR. UBS Group decreased their price target on shares of Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Piper Sandler decreased their price target on shares of Procore Technologies from $110.00 to $75.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. JMP Securities lifted their price target on shares of Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday, February 18th. Jefferies Financial Group decreased their price target on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday, February 14th.

Insider Activity

In related news, insider Benjamin C. Singer sold 4,203 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $68.91, for a total transaction of $289,628.73. Following the transaction, the insider now owns 102,057 shares in the company, valued at $7,032,747.87. The trade was a 3.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Connor Kevin J. O sold 7,700 shares of the business’s stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the transaction, the director now owns 1,208,284 shares in the company, valued at $68,473,454.28. The trade was a 0.63% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,981 shares of company stock valued at $2,941,093. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its position in shares of Procore Technologies by 9.6% during the 1st quarter. Rhumbline Advisers now owns 154,541 shares of the company’s stock valued at $10,203,000 after acquiring an additional 13,534 shares during the period. Ellsworth Advisors LLC lifted its stake in shares of Procore Technologies by 6.5% in the first quarter. Ellsworth Advisors LLC now owns 8,900 shares of the company’s stock valued at $588,000 after buying an additional 545 shares in the last quarter. Advisors Capital Management LLC lifted its stake in shares of Procore Technologies by 8.1% in the first quarter. Advisors Capital Management LLC now owns 155,369 shares of the company’s stock valued at $10,257,000 after buying an additional 11,590 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after buying an additional 52,507 shares in the last quarter. Finally, Fred Alger Management LLC lifted its stake in shares of Procore Technologies by 15.4% in the first quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock valued at $2,532,000 after buying an additional 5,129 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $67.66 on Tuesday. The firm has a 50 day moving average of $64.48 and a 200-day moving average of $72.47. The stock has a market capitalization of $10.09 billion, a PE ratio of -93.98 and a beta of 0.90. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to analysts’ expectations of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 EPS. On average, equities 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.