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

Procore Technologies, Inc. (NYSE:PCOR) has received an average recommendation of “Moderate Buy” from the seventeen research firms that are currently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $69.94.

A number of equities analysts have commented on PCOR shares. DA Davidson restated a “neutral” rating and set a $60.00 price objective on shares of Procore Technologies in a research report on Wednesday, October 2nd. Macquarie restated a “neutral” rating and set a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. JPMorgan Chase & Co. cut their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. KeyCorp cut their price objective on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, TD Cowen increased their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a report on Monday, October 28th.

Procore Technologies Stock Down 2.5 %

Shares of NYSE:PCOR opened at $71.61 on Friday. The stock has a market cap of $10.65 billion, a P/E ratio of -143.22 and a beta of 0.71. The firm has a fifty day moving average price of $62.23 and a 200 day moving average price of $63.85. 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 $83.35.

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

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the sale, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at $46,905,294.22. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Howard Fu sold 1,500 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $71.75, for a total transaction of $107,625.00. Following the sale, the chief financial officer now directly owns 171,997 shares in the company, valued at $12,340,784.75. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 132,695 shares of company stock worth $8,283,143. 29.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Procore Technologies by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock worth $764,111,000 after purchasing an additional 94,190 shares during the last quarter. XN LP raised its stake in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after purchasing an additional 1,411,812 shares during the period. Dragoneer Investment Group LLC boosted its holdings in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. Wasatch Advisors LP grew its stake in shares of Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after buying an additional 1,575,534 shares during the period. Finally, ShawSpring Partners LLC increased its holdings in shares of Procore Technologies by 493.3% during the 3rd quarter. ShawSpring Partners LLC now owns 1,438,082 shares of the company’s stock worth $88,758,000 after buying an additional 1,195,675 shares during the last quarter. 81.10% of the stock is 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.