Procore Technologies, Inc. (NYSE:PCOR) Stock Now Rated “Buy” by Wall Street Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned an average rating of “Buy” from the twenty-one research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $70.12.

Several analysts recently weighed in on PCOR shares. Barclays boosted their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. BTIG Research restated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. Jefferies Financial Group cut their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, Cantor Fitzgerald assumed coverage on shares of Procore Technologies in a research report on Tuesday, September 15th. They set an “overweight” rating and a $65.00 price target on the stock.

Procore Technologies Trading Down 0.1%

Procore Technologies stock opened at $49.43 on Monday. The company has a market capitalization of $7.51 billion, a PE ratio of -190.12 and a beta of 0.74. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a 50-day moving average price of $55.16 and a two-hundred day moving average price of $51.70.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same period in the previous year, the business posted $0.35 earnings per share. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, analysts predict that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Director Elisa Steele sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director owned 58,371 shares in the company, valued at $3,677,373. This represents a 2.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $53.48, for a total value of $3,001,404.56. Following the sale, the chairman directly owned 908,316 shares of the company’s stock, valued at $48,576,739.68. This represents a 5.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 220,348 shares of company stock worth $11,591,165 over the last quarter. 16.80% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Hedge funds have recently modified their holdings of the stock. Blue Owl Capital Holdings LP purchased a new stake in Procore Technologies in the 4th quarter valued at about $6,857,000. Stephens Investment Management Group LLC boosted its stake in shares of Procore Technologies by 23.3% in the 1st quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock worth $30,960,000 after buying an additional 102,574 shares during the last quarter. Deutsche Bank AG bought a new position in shares of Procore Technologies in the second quarter valued at approximately $114,444,000. PNC Financial Services Group Inc. raised its stake in shares of Procore Technologies by 105.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock worth $3,332,000 after purchasing an additional 23,555 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Procore Technologies in the 1st quarter worth about $3,181,000. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.