Procore Technologies, Inc. (NYSE:PCOR) Receives $69.81 Consensus PT from Analysts

Procore Technologies, Inc. (NYSE:PCOR) has been assigned a consensus recommendation of “Moderate Buy” from the twenty analysts that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $70.4375.

PCOR has been the subject of a number of analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Piper Sandler reduced their price target on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Guggenheim initiated coverage on Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective for the company. TD Cowen dropped their price objective on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Finally, UBS Group upped their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a report on Friday, July 31st.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $55.80 on Friday. Procore Technologies has a one year low of $38.03 and a one year high of $82.32. The company has a 50 day moving average of $45.19 and a 200-day moving average of $51.52. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of -214.60 and a beta of 0.70.

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

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. The trade was a 5.75% 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. In the last ninety days, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently bought and sold shares of PCOR. Argos Wealth Advisors LLC raised its holdings in Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after purchasing an additional 195 shares during the period. Intellectus Partners LLC grew its holdings in shares of Procore Technologies by 1.6% in the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock valued at $924,000 after buying an additional 200 shares during the period. Chicago Partners Investment Group LLC increased its position in shares of Procore Technologies by 1.4% in the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after buying an additional 202 shares in the last quarter. Allworth Financial LP increased its position in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares in the last quarter. Finally, Vident Advisory LLC increased its position in shares of Procore Technologies by 6.0% in the 4th quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock valued at $281,000 after buying an additional 219 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

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.