Brokerages Set Procore Technologies, Inc. (NYSE:PCOR) Price Target at $69.81

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received an average rating of “Moderate Buy” from the twenty ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, sixteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $70.4375.

A number of analysts have commented on the company. BMO Capital Markets boosted their target price on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Piper Sandler cut their price target on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. BTIG Research reiterated a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Friday, July 24th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th.

Insider Buying and Selling at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction 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 completion of the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. 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 90 days, insiders have sold 212,699 shares of company stock worth $10,059,907. 16.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Blue Owl Capital Holdings LP purchased a new position in shares of Procore Technologies during the 4th quarter worth $6,857,000. Robinhood Asset Management LLC purchased a new position in Procore Technologies during the fourth quarter worth about $7,136,000. Stephens Investment Management Group LLC boosted its stake in Procore Technologies by 23.3% in the 1st quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock worth $30,960,000 after buying an additional 102,574 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Procore Technologies by 105.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after buying an additional 23,555 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Procore Technologies during the 1st quarter valued at about $3,181,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $55.63 on Friday. The business’s 50 day simple moving average is $45.52 and its 200-day simple moving average is $51.33. The firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of -213.96 and a beta of 0.70. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last released 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 positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the prior year, the firm posted $0.35 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts anticipate that Procore Technologies will post 0.09 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. 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.