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

Procore Technologies, Inc. (NYSE:PCOR) has received an average recommendation of “Moderate Buy” from the twenty-one ratings firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and fourteen have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $83.1053.

A number of equities research analysts recently weighed in on PCOR shares. Robert W. Baird boosted their price target on shares of Procore Technologies from $83.00 to $88.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Mizuho boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Arete started coverage on shares of Procore Technologies in a research report on Monday, June 16th. They issued a “buy” rating and a $91.00 price target for the company. JMP Securities reissued a “market perform” rating and issued a $95.00 price target on shares of Procore Technologies in a research report on Friday, August 1st. Finally, BMO Capital Markets boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Friday, August 1st.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 1,036 shares of the business’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $75.00, for a total value of $77,700.00. Following the completion of the sale, the insider directly owned 85,330 shares of the company’s stock, valued at $6,399,750. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Howard Fu sold 796 shares of Procore Technologies stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $71.02, for a total transaction of $56,531.92. Following the completion of the transaction, the chief financial officer owned 188,661 shares in the company, valued at approximately $13,398,704.22. This represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,422 shares of company stock valued at $1,685,658 over the last ninety days. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PCOR. Assenagon Asset Management S.A. increased its stake in Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares during the period. Wasatch Advisors LP increased its stake in Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the period. JPMorgan Chase & Co. increased its stake in Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company’s stock valued at $215,195,000 after purchasing an additional 1,492,869 shares during the period. Norges Bank acquired a new position in shares of Procore Technologies during the second quarter worth about $82,361,000. Finally, Champlain Investment Partners LLC increased its stake in shares of Procore Technologies by 73.3% during the second quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock worth $154,590,000 after acquiring an additional 955,450 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Procore Technologies stock opened at $69.77 on Monday. The stock has a market cap of $10.48 billion, a P/E ratio of -72.68 and a beta of 0.90. The company has a fifty day simple moving average of $68.98 and a 200-day simple moving average of $67.72. Procore Technologies has a 12-month low of $53.71 and a 12-month high of $88.92. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. The firm had revenue of $172.21 million for the quarter. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. Equities analysts expect 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.