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

Procore Technologies, Inc. (NYSE:PCOR) has received a consensus rating of “Moderate Buy” from the twenty-two analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and seventeen have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $77.0526.

A number of equities research analysts have recently issued reports on the company. UBS Group dropped their price objective on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Stifel Nicolaus decreased their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Wall Street Zen upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating in a report on Saturday. Canaccord Genuity Group dropped their price target on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Finally, KeyCorp cut their price target on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, February 6th.

Procore Technologies Price Performance

NYSE:PCOR opened at $54.35 on Monday. Procore Technologies has a 52-week low of $46.08 and a 52-week high of $82.32. The company has a market cap of $8.16 billion, a P/E ratio of -81.13 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. The stock’s 50-day simple moving average is $56.43 and its 200 day simple moving average is $67.50.

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

Insider Activity

In related news, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider owned 64,660 shares in the company, valued at approximately $3,233,000. This trade represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $57.23, for a total value of $3,211,804.83. Following the transaction, the chairman directly owned 927,580 shares in the company, valued at approximately $53,085,403.40. This trade represents a 5.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 94,641 shares of company stock valued at $5,369,546 in the last 90 days. 21.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PCOR. Brighton Jones LLC bought a new stake in Procore Technologies in the 4th quarter valued at $511,000. Goldman Sachs Group Inc. boosted its position in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Creative Planning increased its holdings in shares of Procore Technologies by 5.5% in the second quarter. Creative Planning now owns 11,775 shares of the company’s stock valued at $806,000 after purchasing an additional 610 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Procore Technologies by 5.3% in the second quarter. Legal & General Group Plc now owns 173,204 shares of the company’s stock valued at $11,851,000 after purchasing an additional 8,670 shares during the period. 81.10% of the stock is currently owned by institutional investors.

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.