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

Procore Technologies, Inc. (NYSE:PCOR) has earned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $86.00.

Several analysts have commented on PCOR shares. Robert W. Baird raised their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. Canaccord Genuity Group raised their target price on Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. BMO Capital Markets lifted their price target on Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Jefferies Financial Group upgraded Procore Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $100.00 in a report on Monday. Finally, JMP Securities boosted their target price on shares of Procore Technologies from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Monday, December 2nd.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $76.32 on Friday. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of -152.64 and a beta of 0.83. The stock has a fifty day moving average of $76.03 and a 200 day moving average of $66.67. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $86.67. 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 issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. As a group, research analysts expect that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $1,617,374.40. Following the completion of the transaction, the chief executive officer now owns 770,458 shares of the company’s stock, valued at approximately $54,979,882.88. The trade was a 2.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the sale, the senior vice president now directly owns 75,120 shares in the company, valued at approximately $5,314,740. The trade was a 16.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 142,693 shares of company stock worth $10,479,096 in the last three months. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Dragoneer Investment Group LLC grew its holdings in shares of Procore Technologies by 254.0% in the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after acquiring an additional 1,609,607 shares during the period. Wasatch Advisors LP boosted its position in Procore Technologies by 27,239.5% in the third 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 during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Procore Technologies in the 3rd quarter worth approximately $88,572,000. XN LP lifted its stake in shares of Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after purchasing an additional 1,411,812 shares during the period. Finally, PointState Capital LP purchased a new position in shares of Procore Technologies in the third quarter worth approximately $81,306,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.