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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received an average recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $70.13.

Several equities analysts recently issued reports on PCOR shares. Scotiabank cut their price objective on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. cut their price target on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. KeyCorp cut their price target on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Macquarie reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $60.00 price target on shares of Procore Technologies in a report on Wednesday, October 2nd.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $63.48 on Monday. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of -100.76 and a beta of 0.73. The company’s 50 day moving average is $58.99 and its 200 day moving average is $64.62. 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 has a 52-week low of $48.11 and a 52-week high of $83.35.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.14. The company had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. Procore Technologies’s revenue was up 24.4% compared to the same quarter last year. During the same period last year, the company posted ($0.28) earnings per share. On average, sell-side analysts anticipate that Procore Technologies will post -0.28 EPS for the current fiscal year.

Insider Activity

In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the transaction, the senior vice president now directly owns 79,156 shares in the company, valued at $4,681,285.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Connor Kevin J. O sold 25,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the completion of the transaction, the director now directly owns 1,380,078 shares in the company, valued at $79,395,887.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the transaction, the senior vice president now owns 79,156 shares of the company’s stock, valued at $4,681,285.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 91,620 shares of company stock valued at $5,376,606 over the last ninety days. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. GAMMA Investing LLC raised its position in shares of Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after acquiring an additional 175 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies in the third quarter worth about $26,000. Signaturefd LLC raised its position in shares of Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the period. Rothschild Investment LLC acquired a new position in shares of Procore Technologies in the second quarter worth about $51,000. Finally, Quarry LP raised its position in shares of Procore Technologies by 984.6% in the second quarter. Quarry LP now owns 1,128 shares of the company’s stock worth $75,000 after acquiring an additional 1,024 shares during the period. 81.10% of the stock is currently 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.