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

Procore Technologies, Inc. (NYSE:PCOR) has received a consensus rating of “Moderate Buy” from the eighteen brokerages that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $82.06.

A number of equities analysts recently commented on PCOR shares. UBS Group began coverage on Procore Technologies in a report on Monday, December 2nd. They issued a “buy” rating and a $105.00 price objective on the stock. Barclays increased their price target on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. TD Cowen lifted their price objective on shares of Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. increased their target price on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Robert W. Baird assumed coverage on Procore Technologies in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 price target for the company.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $82.90 on Tuesday. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $86.67. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a market cap of $12.32 billion, a PE ratio of -165.80 and a beta of 0.81. The business has a fifty day simple moving average of $69.12 and a 200-day simple moving average of $64.93.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The firm had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. On average, sell-side analysts anticipate that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Activity

In other news, Director Kathryn Bueker sold 6,500 shares of Procore Technologies stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $78.01, for a total transaction of $507,065.00. Following the sale, the director now directly owns 23,932 shares in the company, valued at approximately $1,866,935.32. The trade was a 21.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the transaction, the chief executive officer now directly owns 770,458 shares of the company’s stock, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,553 shares of company stock valued at $7,933,974. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of the stock. Dragoneer Investment Group LLC increased its position in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after purchasing an additional 1,609,607 shares in the last quarter. Wasatch Advisors LP increased its holdings in shares of Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after buying an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Procore Technologies in the third quarter valued at approximately $88,572,000. XN LP raised its stake in shares of Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after acquiring an additional 1,411,812 shares during the last quarter. Finally, PointState Capital LP bought a new stake in Procore Technologies during the 3rd quarter worth approximately $81,306,000. 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.