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

Shares of Procore Technologies, Inc. (NASDAQ:PCOR – Get Rating) have received a consensus recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $86.73.

Several equities research analysts have weighed in on PCOR shares. Mizuho dropped their price target on shares of Procore Technologies from $75.00 to $70.00 in a research report on Thursday, May 5th. Oppenheimer decreased their price objective on shares of Procore Technologies from $85.00 to $70.00 in a report on Thursday, May 5th. Barclays decreased their price objective on shares of Procore Technologies from $76.00 to $70.00 in a report on Thursday, May 5th. JPMorgan Chase & Co. decreased their price objective on shares of Procore Technologies from $113.00 to $95.00 in a report on Thursday, June 16th. Finally, Jefferies Financial Group decreased their price objective on shares of Procore Technologies from $90.00 to $75.00 in a report on Monday, May 23rd.

Shares of PCOR opened at $49.52 on Friday. The stock has a market capitalization of $6.71 billion and a P/E ratio of -14.03. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $47.83 and a two-hundred day simple moving average of $59.88. Procore Technologies has a twelve month low of $40.00 and a twelve month high of $108.75.

Procore Technologies (NASDAQ:PCOR – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.05. The business had revenue of $159.52 million during the quarter, compared to analysts’ expectations of $150.25 million. Procore Technologies had a negative net margin of 54.32% and a negative return on equity of 23.19%. The firm’s revenue for the quarter was up 40.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) EPS. Sell-side analysts expect that Procore Technologies will post -1.81 EPS for the current fiscal year.

In other news, CRO Dennis Lyandres sold 9,900 shares of the firm’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $42.79, for a total transaction of $423,621.00. Following the sale, the executive now owns 659,538 shares of the company’s stock, valued at approximately $28,221,631.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 1,698 shares of the firm’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $42.79, for a total transaction of $72,657.42. Following the sale, the senior vice president now directly owns 67,159 shares in the company, valued at approximately $2,873,733.61. The disclosure for this sale can be found here. Insiders have sold a total of 111,476 shares of company stock worth $4,972,888 over the last three months. 40.00% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers boosted its holdings in shares of Procore Technologies by 613.5% during the 4th quarter. Rhumbline Advisers now owns 54,964 shares of the company’s stock valued at $4,395,000 after acquiring an additional 47,261 shares during the last quarter. Geode Capital Management LLC purchased a new position in shares of Procore Technologies in the third quarter worth approximately $2,908,000. EPIQ Capital Group LLC purchased a new position in shares of Procore Technologies in the fourth quarter worth approximately $550,000. Point72 Hong Kong Ltd purchased a new position in shares of Procore Technologies in the fourth quarter worth approximately $755,000. Finally, Long Pond Capital LP purchased a new position in shares of Procore Technologies in the fourth quarter worth approximately $21,081,000. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Company Profile (Get Rating)

Procore Technologies, Inc provides 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 Management, 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.

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