Procore Technologies, Inc. (NYSE:PCOR) Given Average Rating of “Moderate Buy” by Brokerages

Procore Technologies, Inc. (NYSE:PCOR) has been assigned an average rating of “Moderate Buy” from the seventeen brokerages that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $69.94.

Several research analysts have recently weighed in on the stock. Piper Sandler upped their target price on shares of Procore Technologies from $63.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Jefferies Financial Group lifted their price target on shares of Procore Technologies from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Tuesday, October 29th. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, The Goldman Sachs Group reduced their price target on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a report on Friday, August 2nd.

Procore Technologies Stock Down 2.5 %

PCOR opened at $71.61 on Friday. The company has a market cap of $10.65 billion, a PE ratio of -143.22 and a beta of 0.71. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $83.35. The firm has a 50 day moving average price of $62.23 and a 200 day moving average price of $63.85.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The business had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Sell-side analysts expect that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 25,000 shares of the firm’s stock in a transaction on 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 sale, the director now directly owns 1,380,078 shares of the company’s stock, valued at $79,395,887.34. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $71.04, for a total value of $876,633.60. Following the sale, the insider now directly owns 2,284,989 shares of the company’s stock, valued at approximately $162,325,618.56. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 132,695 shares of company stock worth $8,283,143 in the last three months. 29.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of the stock. Wasatch Advisors LP boosted its position in shares of 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 buying an additional 1,575,534 shares during the period. Circle Wealth Management LLC boosted its position in shares of Procore Technologies by 25.5% in the third quarter. Circle Wealth Management LLC now owns 5,591 shares of the company’s stock worth $345,000 after buying an additional 1,137 shares during the period. Stockbridge Partners LLC acquired a new stake in shares of Procore Technologies in the third quarter worth $30,045,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Procore Technologies by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 258,304 shares of the company’s stock worth $15,943,000 after buying an additional 13,550 shares during the period. Finally, RGM Capital LLC boosted its position in shares of Procore Technologies by 94.0% in the third quarter. RGM Capital LLC now owns 1,293,467 shares of the company’s stock worth $79,833,000 after buying an additional 626,861 shares during the period. 81.10% of the stock is owned by 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.