Brokerages Set Procore Technologies, Inc. (NYSE:PCOR) Price Target at $84.67

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received an average rating of “Moderate Buy” from the twenty-one research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, thirteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $84.6667.

PCOR has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research report on Wednesday, October 8th. Piper Sandler upped their target price on shares of Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. BMO Capital Markets lifted their price target on Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. William Blair reissued an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Finally, Berenberg Bank began coverage on Procore Technologies in a research report on Friday, October 3rd. They set a “buy” rating and a $84.00 price objective on the stock.

Procore Technologies Stock Performance

NYSE:PCOR opened at $75.15 on Friday. The company has a market cap of $11.68 billion, a price-to-earnings ratio of -89.47 and a beta of 0.90. Procore Technologies has a 1 year low of $53.71 and a 1 year high of $88.92. The stock’s 50 day simple moving average is $74.29 and its two-hundred day simple moving average is $71.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The firm had revenue of $172.21 million for the quarter. As a group, equities analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other news, insider Benjamin C. Singer sold 4,204 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $69.21, for a total value of $290,958.84. Following the sale, the insider owned 75,676 shares of the company’s stock, valued at approximately $5,237,535.96. This represents a 5.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 9,615 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $75.13, for a total transaction of $722,374.95. Following the completion of the sale, the director owned 1,052,519 shares of the company’s stock, valued at $79,075,752.47. This trade represents a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 689,907 shares of company stock worth $50,255,306 in the last ninety days. Corporate insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PCOR. Global Retirement Partners LLC raised its holdings in shares of Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies in the third quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Procore Technologies by 277.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company’s stock worth $35,000 after buying an additional 385 shares during the period. Jones Financial Companies Lllp lifted its holdings in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after buying an additional 199 shares during the period. Finally, SVB Wealth LLC bought a new stake in Procore Technologies during the 1st quarter valued at $49,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Procore Technologies

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.