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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received an average recommendation of “Moderate Buy” from the nineteen analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $72.5625.

A number of equities research analysts recently weighed in on PCOR shares. BMO Capital Markets dropped their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Barclays decreased their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. KeyCorp decreased their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Finally, Piper Sandler decreased their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th.

Procore Technologies Stock Up 1.1%

PCOR opened at $46.90 on Tuesday. Procore Technologies has a 1-year low of $45.02 and a 1-year high of $82.32. The stock’s fifty day simple moving average is $53.82 and its 200 day simple moving average is $62.27. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $7.08 billion, a PE ratio of -91.97 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same quarter last year, the company posted $0.23 EPS. The firm’s revenue was up 15.7% on a year-over-year basis. As a group, research analysts expect that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,225 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the transaction, the insider directly owned 64,660 shares of the company’s stock, valued at $3,233,000. This represents a 6.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 9,615 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the transaction, the director directly owned 1,012,136 shares in the company, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 204,148 shares of company stock valued at $10,649,323 in the last ninety days. 16.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after buying an additional 5,079,534 shares in the last quarter. Wasatch Advisors LP grew its holdings in shares of Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Procore Technologies by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Procore Technologies by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock worth $249,416,000 after purchasing an additional 127,256 shares in 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.