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

Procore Technologies, Inc. (NYSE:PCOR) has received an average rating of “Moderate Buy” from the eighteen research firms that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $89.94.

PCOR has been the topic of a number of recent analyst reports. Canaccord Genuity Group increased their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Scotiabank increased their price target on Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 22nd. Barclays increased their price target on Procore Technologies from $84.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Mizuho increased their price target on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Finally, TD Cowen increased their target price on Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd.

Insider Buying and Selling at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now directly owns 200 shares in the company, valued at $17,480. This trade represents a 84.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $73.62, for a total value of $377,523.36. Following the sale, the director now owns 1,264,700 shares of the company’s stock, valued at $93,107,214. This represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,811 shares of company stock valued at $8,227,968 over the last three months. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently bought and sold shares of the company. Cache Advisors LLC acquired a new position in Procore Technologies in the fourth quarter worth about $2,909,000. JT Stratford LLC acquired a new position in Procore Technologies in the fourth quarter valued at approximately $284,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Procore Technologies by 15.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 298,239 shares of the company’s stock valued at $22,347,000 after acquiring an additional 39,935 shares during the period. Voloridge Investment Management LLC acquired a new position in Procore Technologies in the fourth quarter valued at approximately $14,855,000. Finally, Woodline Partners LP boosted its stake in Procore Technologies by 45.8% in the fourth quarter. Woodline Partners LP now owns 691,980 shares of the company’s stock valued at $51,850,000 after acquiring an additional 217,351 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

PCOR opened at $82.28 on Friday. The stock’s 50 day simple moving average is $78.09 and its 200 day simple moving average is $69.49. The stock has a market cap of $12.23 billion, a P/E ratio of -114.27 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $302.05 million for the quarter, compared to analysts’ expectations of $297.72 million. As a group, equities analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal 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.