Procore Technologies, Inc. (NYSE:PCOR) Receives $76.95 Consensus Price Target from Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been assigned an average rating of “Moderate Buy” from the twenty-three brokerages that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and seventeen have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $76.95.

PCOR has been the topic of several recent research reports. Stifel Nicolaus lowered their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. BTIG Research reduced their price objective on shares of Procore Technologies from $88.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, February 13th. The Goldman Sachs Group lowered their target price on Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Zacks Research lowered Procore Technologies from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 17th. Finally, BMO Capital Markets reduced their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday, February 5th.

Procore Technologies Trading Down 0.5%

NYSE PCOR opened at $58.97 on Thursday. The stock has a market capitalization of $8.85 billion, a price-to-earnings ratio of -88.01 and a beta of 0.90. The stock’s 50 day moving average price is $60.99 and its two-hundred day moving average price is $68.62. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. Procore Technologies has a 52 week low of $46.08 and a 52 week high of $82.32.

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

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the sale, the insider owned 64,660 shares in the company, valued at $3,233,000. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the transaction, the director directly owned 3,244,546 shares of the company’s stock, valued at approximately $234,580,675.80. This trade represents a 6.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 314,098 shares of company stock worth $22,229,482 in the last quarter. 21.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. grew its holdings in Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the period. Assenagon Asset Management S.A. raised 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 buying an additional 1,750,998 shares during the period. Wasatch Advisors LP lifted its position in shares of 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 buying an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after acquiring an additional 1,486,153 shares during the period. Finally, Holocene Advisors LP boosted its stake in shares of Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock worth $144,906,000 after acquiring an additional 1,412,721 shares during the period. 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. 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.