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

Procore Technologies, Inc. (NYSE:PCOR) has earned a consensus rating of “Moderate Buy” from the fifteen analysts that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $81.86.

A number of equities analysts recently weighed in on PCOR shares. JMP Securities boosted their price objective on shares of Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a report on Friday, February 16th. Stifel Nicolaus boosted their price target on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. KeyCorp increased their price objective on Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Piper Sandler lifted their price objective on Procore Technologies from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Procore Technologies from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Tuesday, January 23rd.

Insider Activity

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 6,041 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $73.90, for a total value of $446,429.90. Following the transaction, the senior vice president now directly owns 77,768 shares in the company, valued at $5,747,055.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 6,041 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total transaction of $446,429.90. Following the completion of the sale, the senior vice president now owns 77,768 shares of the company’s stock, valued at $5,747,055.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $72.21, for a total value of $370,292.88. Following the completion of the sale, the director now owns 1,543,037 shares of the company’s stock, valued at approximately $111,422,701.77. The disclosure for this sale can be found here. Insiders sold 467,672 shares of company stock valued at $36,612,454 in the last quarter. 39.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in PCOR. IFP Advisors Inc raised its position in shares of Procore Technologies by 2,600.0% during the 3rd quarter. IFP Advisors Inc now owns 378 shares of the company’s stock valued at $25,000 after purchasing an additional 364 shares during the period. Handelsbanken Fonder AB raised its holdings in Procore Technologies by 0.8% during the third quarter. Handelsbanken Fonder AB now owns 25,900 shares of the company’s stock valued at $1,692,000 after acquiring an additional 200 shares during the period. Ellsworth Advisors LLC purchased a new position in shares of Procore Technologies in the third quarter valued at about $370,000. Xponance Inc. boosted its stake in shares of Procore Technologies by 4.4% in the third quarter. Xponance Inc. now owns 11,364 shares of the company’s stock worth $742,000 after acquiring an additional 481 shares during the period. Finally, Raymond James & Associates purchased a new stake in shares of Procore Technologies during the third quarter worth about $261,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

PCOR opened at $70.09 on Monday. The firm has a market cap of $10.16 billion, a PE ratio of -52.70 and a beta of 0.71. The stock has a 50-day moving average price of $76.82 and a 200-day moving average price of $68.90. Procore Technologies has a 1 year low of $48.11 and a 1 year high of $83.35. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.49 and a quick ratio of 1.49.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. The business had revenue of $260.04 million during the quarter, compared to analyst estimates of $248.20 million. Procore Technologies had a negative net margin of 19.97% and a negative return on equity of 12.26%. Sell-side analysts predict that Procore Technologies will post -0.64 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.