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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been assigned a consensus rating of “Moderate Buy” from the eighteen research firms that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $84.24.

Several brokerages have issued reports on PCOR. JPMorgan Chase & Co. raised their price objective on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. DA Davidson lifted their price target on Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. KeyCorp upped their price objective on Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Stifel Nicolaus upped their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, Barclays lifted their price objective 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.

Insider Activity

In other news, insider Benjamin C. Singer sold 1,500 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $76.18, for a total value of $114,270.00. Following the sale, the insider now directly owns 84,539 shares of the company’s stock, valued at approximately $6,440,181.02. This represents a 1.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Connor Kevin J. O sold 6,410 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $81.26, for a total value of $520,876.60. Following the sale, the director now directly owns 1,269,828 shares of the company’s stock, valued at $103,186,223.28. This represents a 0.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 142,693 shares of company stock valued at $10,479,096. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Everence Capital Management Inc. bought a new position in Procore Technologies during the 4th quarter valued at $269,000. GAMMA Investing LLC raised its holdings in shares of Procore Technologies by 84.7% in the fourth quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock valued at $56,000 after purchasing an additional 342 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Procore Technologies by 92.1% during the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares in the last quarter. Synovus Financial Corp boosted its holdings in Procore Technologies by 24.3% during the third quarter. Synovus Financial Corp now owns 6,465 shares of the company’s stock worth $399,000 after purchasing an additional 1,262 shares during the last quarter. Finally, Tidal Investments LLC increased its stake in Procore Technologies by 237.8% in the 3rd quarter. Tidal Investments LLC now owns 17,538 shares of the company’s stock valued at $1,082,000 after buying an additional 12,346 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Trading Up 2.5 %

Procore Technologies stock opened at $77.04 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a 50-day simple moving average of $75.17 and a 200 day simple moving average of $66.38. The stock has a market capitalization of $11.45 billion, a P/E ratio of -154.08 and a beta of 0.82. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $86.67.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The business had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. Analysts expect that Procore Technologies will post -0.23 earnings per share for the current year.

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.