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

Procore Technologies, Inc. (NYSE:PCOR) has been assigned an average recommendation of “Moderate Buy” from the twenty-one brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, fourteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $85.1111.

Several brokerages recently issued reports on PCOR. KeyCorp raised their price objective on Procore Technologies from $81.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Wall Street Zen upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. Barclays upgraded shares of Procore Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $82.00 to $90.00 in a research note on Monday, January 5th. Finally, BTIG Research reissued a “buy” rating and issued a $88.00 target price on shares of Procore Technologies in a report on Wednesday, December 17th.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $72.02 on Wednesday. The stock has a market capitalization of $11.20 billion, a price-to-earnings ratio of -85.74 and a beta of 0.90. Procore Technologies has a one year low of $53.71 and a one year high of $88.92. The company’s 50-day simple moving average is $74.51 and its 200-day simple moving average is $71.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.10. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The firm had revenue of $338.85 million during the quarter, compared to analyst estimates of $328.13 million. During the same period in the previous year, the company earned $0.24 earnings per share. Procore Technologies’s quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CRO Lawrence Joseph Stack sold 10,000 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total value of $753,000.00. Following the sale, the executive directly owned 184,128 shares of the company’s stock, valued at $13,864,838.40. This trade represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the firm’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $71.91, for a total value of $21,573,000.00. Following the completion of the sale, the chairman owned 677,796 shares in the company, valued at $48,740,310.36. The trade was a 30.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 683,825 shares of company stock worth $49,831,210. 21.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PCOR. Global Retirement Partners LLC raised its holdings in shares of Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after buying an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the 3rd quarter valued at approximately $34,000. Jones Financial Companies Lllp raised its stake in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares in the last quarter. First Horizon Corp acquired a new position in Procore Technologies during the 3rd quarter worth $49,000. Finally, Atlantic Union Bankshares Corp bought a new position in shares of Procore Technologies in the third quarter worth $57,000. 81.10% of the stock is owned by institutional investors and hedge funds.

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.