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

Procore Technologies, Inc. (NYSE:PCOR) has been given a consensus recommendation of “Moderate Buy” by the nineteen analysts that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $72.5625.

Several equities analysts have commented on PCOR shares. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Canaccord Genuity Group lowered their target price on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Stifel Nicolaus lowered their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. BMO Capital Markets lowered their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target for the company in a report on Wednesday, April 29th.

Insider Activity

In other news, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total value of $294,622.83. Following the sale, the director directly owned 990,983 shares of the company’s stock, valued at approximately $50,609,501.81. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the sale, the chairman directly owned 927,580 shares in the company, valued at approximately $47,362,234.80. This represents a 5.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 197,210 shares of company stock worth $10,301,311. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. SJS Investment Consulting Inc. grew its position in shares of Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter valued at about $34,000. Jones Financial Companies Lllp grew its position in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the fourth quarter valued at about $41,000. Finally, Allworth Financial LP grew its position in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Trading Up 0.1%

Procore Technologies stock opened at $46.90 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of -91.97 and a beta of 0.78. Procore Technologies has a one year low of $45.02 and a one year high of $82.32. The company’s fifty day moving average price is $53.62 and its two-hundred day moving average price is $62.02.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 earnings per share. On average, analysts forecast that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

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.