Brokerages Set Procore Technologies, Inc. (NYSE:PCOR) PT at $69.50

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $69.50.

A number of equities research analysts recently issued reports on the stock. JMP Securities dropped their price target on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating on the stock in a research note on Friday, August 2nd. Mizuho reiterated a “neutral” rating and issued a $70.00 price objective (down from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Robert W. Baird assumed coverage on Procore Technologies in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 target price on the stock. Finally, The Goldman Sachs Group dropped their price target on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 25,000 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the completion of the transaction, the director now directly owns 1,380,078 shares of the company’s stock, valued at $79,395,887.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the completion of the transaction, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at approximately $46,905,294.22. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 25,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $57.53, for a total value of $1,438,250.00. Following the sale, the director now directly owns 1,380,078 shares in the company, valued at approximately $79,395,887.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,890 shares of company stock valued at $5,947,691. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently bought and sold shares of the stock. Dragoneer Investment Group LLC increased its holdings in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after acquiring an additional 1,609,607 shares during the period. XN LP increased its stake in Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the period. Meritage Group LP acquired a new stake in shares of Procore Technologies during the first quarter worth about $106,738,000. William Blair Investment Management LLC purchased a new position in shares of Procore Technologies in the 1st quarter valued at approximately $91,158,000. Finally, Robeco Schweiz AG acquired a new stake in shares of Procore Technologies during the fourth quarter worth $60,914,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Performance

NYSE PCOR opened at $61.74 on Thursday. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a market capitalization of $9.03 billion, a P/E ratio of -64.31 and a beta of 0.73. The stock has a 50-day simple moving average of $59.45 and a two-hundred day simple moving average of $66.55.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. During the same period in the previous year, the firm earned ($0.28) EPS. The business’s quarterly revenue was up 24.4% on a year-over-year basis. On average, equities analysts forecast that Procore Technologies will post -0.28 earnings per share for the current year.

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.