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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned an average rating of “Moderate Buy” from the eighteen brokerages that are covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $69.50.

A number of research analysts recently issued reports on PCOR shares. Robert W. Baird started coverage on Procore Technologies in a report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 target price on the stock. Piper Sandler dropped their target price on shares of Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. BMO Capital Markets reduced their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Finally, Macquarie reiterated a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th.

Insider Activity

In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the sale, the director now owns 1,360,848 shares of the company’s stock, valued at $79,582,391.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the transaction, the director now owns 1,360,848 shares in the company, valued at $79,582,391.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the insider now owns 106,705 shares of the company’s stock, valued at $7,469,350. The disclosure for this sale can be found here. Insiders have sold a total of 99,890 shares of company stock worth $5,947,691 in the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in shares of Procore Technologies by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 326,124 shares of the company’s stock worth $22,577,000 after acquiring an additional 46,646 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Procore Technologies by 53.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,031 shares of the company’s stock worth $1,040,000 after purchasing an additional 5,228 shares during the period. Corient Private Wealth LLC grew its holdings in Procore Technologies by 39.4% during the fourth quarter. Corient Private Wealth LLC now owns 10,459 shares of the company’s stock valued at $724,000 after purchasing an additional 2,958 shares during the last quarter. US Bancorp DE raised its position in shares of Procore Technologies by 36.4% in the fourth quarter. US Bancorp DE now owns 19,144 shares of the company’s stock valued at $1,325,000 after purchasing an additional 5,113 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in shares of Procore Technologies by 7.4% in the fourth quarter. Hsbc Holdings PLC now owns 24,519 shares of the company’s stock worth $1,719,000 after buying an additional 1,697 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $59.29 on Thursday. The firm’s 50-day simple moving average is $59.05 and its 200 day simple moving average is $66.36. The stock has a market cap of $8.76 billion, a P/E ratio of -61.76 and a beta of 0.73. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.25 by $0.14. The firm had revenue of $284.30 million for the quarter, compared to analysts’ expectations of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.28) earnings per share. Equities analysts expect that Procore Technologies will post -0.28 EPS for the current 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.