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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $89.94.

A number of analysts have recently commented on PCOR shares. Canaccord Genuity Group boosted their target price 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. TD Cowen boosted their price target on Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. DA Davidson boosted their target price on Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Robert W. Baird increased their target price on Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Finally, Stifel Nicolaus lifted their price target on Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $75.84 on Friday. The firm has a market cap of $11.27 billion, a PE ratio of -105.33 and a beta of 0.84. The company’s fifty day simple moving average is $78.20 and its two-hundred day simple moving average is $70.08. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92. 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) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. As a group, equities analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity

In related news, CRO Lawrence Joseph Stack sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the completion of the transaction, the executive now directly owns 161,368 shares in the company, valued at approximately $13,380,634.56. The trade was a 6.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total transaction of $2,730,890.76. Following the completion of the sale, the director now directly owns 1,282,648 shares of the company’s stock, valued at $105,087,350.64. This represents a 2.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,311 shares of company stock valued at $7,720,903 in the last quarter. 29.00% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in shares of Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares during the last quarter. Capital World Investors increased its holdings in Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after acquiring an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Procore Technologies in the 4th quarter worth $131,840,000. Wasatch Advisors LP lifted its stake in Procore Technologies by 27,239.5% in the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after purchasing an additional 1,575,534 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

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.