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

Procore Technologies, Inc. (NYSE:PCOR) has received a consensus recommendation of “Moderate Buy” from the twenty-one analysts that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, thirteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $84.6667.

PCOR has been the subject of a number of recent research reports. KeyCorp boosted their price objective on shares of Procore Technologies from $81.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Berenberg Bank assumed coverage on Procore Technologies in a report on Friday, October 3rd. They set a “buy” rating and a $84.00 target price for the company. Robert W. Baird upped their price target on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. BTIG Research restated a “buy” rating and set a $88.00 target price on shares of Procore Technologies in a research note on Wednesday. Finally, Canaccord Genuity Group increased their price objective on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th.

Insiders Place Their Bets

In related news, Director William J.G. Griffith sold 207,474 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the sale, the director directly owned 3,244,546 shares of the company’s stock, valued at approximately $234,580,675.80. The trade was a 6.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total transaction of $753,000.00. Following the completion of the transaction, the executive owned 184,128 shares in the company, valued at approximately $13,864,838.40. This represents a 5.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 691,739 shares of company stock worth $50,389,537 in the last three months. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. lifted its position in shares of Procore Technologies by 493.9% during the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after buying an additional 5,079,534 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 76.6% during the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after purchasing an additional 1,750,998 shares during the last quarter. Wasatch Advisors LP grew its stake in shares of Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after buying an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after buying an additional 1,486,153 shares during the period. Finally, Holocene Advisors LP raised its holdings in shares of Procore Technologies by 245.9% during the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock valued at $144,906,000 after acquiring an additional 1,412,721 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $74.20 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The business has a 50 day moving average price of $74.22 and a two-hundred day moving average price of $71.12. The firm has a market cap of $11.54 billion, a PE ratio of -88.33 and a beta of 0.90. Procore Technologies has a fifty-two week low of $53.71 and a fifty-two week high of $88.92.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data 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 company had revenue of $172.21 million for the quarter. Sell-side analysts expect that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

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. 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.