Procore Technologies, Inc. (NYSE:PCOR) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been given an average recommendation of “Moderate Buy” by the nineteen ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, fifteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $69.75.

PCOR has been the topic of several research reports. Piper Sandler started coverage on shares of Procore Technologies in a report on Monday, September 28th. They set an “overweight” rating and a $68.00 price objective on the stock. BMO Capital Markets lifted their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Barclays boosted their target price on shares of Procore Technologies from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. BTIG Research restated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Friday, July 24th. Finally, UBS Group raised their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st.

Insider Activity

In other news, insider Benjamin C. Singer sold 3,943 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the transaction, the insider owned 86,931 shares in the company, valued at $5,507,078.85. This trade represents a 4.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of the firm’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $53.50, for a total value of $411,522.00. Following the completion of the transaction, the director owned 915,978 shares in the company, valued at $49,004,823. This represents a 0.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 222,271 shares of company stock worth $12,450,532. Company insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Stephens Investment Management Group LLC boosted its holdings in Procore Technologies by 23.3% during the 1st quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock worth $30,960,000 after acquiring an additional 102,574 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Procore Technologies in the second quarter valued at about $114,444,000. Bank of America Corp DE purchased a new stake in shares of Procore Technologies in the second quarter valued at about $34,651,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Procore Technologies in the first quarter valued at about $3,181,000. Finally, Whetstone Capital Advisors LLC bought a new position in shares of Procore Technologies during the second quarter valued at about $1,990,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Stock Up 2.3%

NYSE PCOR opened at $62.28 on Friday. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The business has a 50 day moving average price of $56.49 and a 200-day moving average price of $51.40. The company has a market cap of $9.46 billion, a price-to-earnings ratio of -239.56 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the business earned $0.35 EPS. Procore Technologies’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities research analysts anticipate that Procore Technologies will post 0.41 earnings per share for the current year.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.