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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received an average rating of “Moderate Buy” from the twenty-three ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and seventeen have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $76.95.

A number of equities analysts have weighed in on the stock. UBS Group decreased their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. BTIG Research reduced their price target on Procore Technologies from $88.00 to $66.00 and set a “buy” rating for the company in a report on Friday, February 13th. Barclays dropped their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, DA Davidson dropped their price target on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, February 13th.

Insider Buying and Selling

In other news, CFO Howard Fu sold 814 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.99, for a total value of $59,413.86. Following the sale, the chief financial officer owned 178,237 shares in the company, valued at approximately $13,009,518.63. This represents a 0.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.70, for a total value of $5,452,500.00. Following the completion of the sale, the chairman directly owned 1,155,480 shares of the company’s stock, valued at approximately $84,003,396. This represents a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 314,098 shares of company stock worth $22,229,482. 21.50% 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 the company. Principal Financial Group Inc. lifted its stake in Procore Technologies by 12.2% in the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after buying an additional 360,207 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Procore Technologies in the 3rd quarter worth about $1,442,000. Envestnet Asset Management Inc. grew its position in Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after purchasing an additional 99,706 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Procore Technologies by 17.0% in the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock valued at $20,815,000 after buying an additional 44,105 shares in the last quarter. Finally, Stephens Investment Management Group LLC lifted its stake in shares of Procore Technologies by 19.6% in the 3rd quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock valued at $26,627,000 after purchasing an additional 59,923 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $57.90 on Thursday. The business’s 50-day simple moving average is $61.61 and its 200 day simple moving average is $68.72. The company has a market cap of $8.69 billion, a P/E ratio of -86.42 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. Procore Technologies has a one year low of $46.08 and a one year high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same quarter last year, the company earned $0.01 earnings per share. Procore Technologies’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, sell-side analysts forecast that Procore Technologies will post -0.15 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.