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

Procore Technologies, Inc. (NYSE:PCOR) has received an average rating of “Moderate Buy” from the twenty ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $70.4375.

A number of equities research analysts have commented on PCOR shares. Barclays increased their price target on Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. BTIG Research reiterated a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. Finally, Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the sale, the chairman directly owned 919,704 shares in the company, valued at $41,515,438.56. This trade represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 212,699 shares of company stock valued at $10,059,907. Insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

Several large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new position in shares of Procore Technologies in the fourth quarter worth about $511,000. Goldman Sachs Group Inc. boosted its position in Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after buying an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after buying an additional 52,507 shares during the last quarter. Prudential Financial Inc. increased its holdings in Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after buying an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after buying an additional 269 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Up 2.5%

Shares of PCOR opened at $57.13 on Friday. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a fifty day moving average price of $45.67 and a 200-day moving average price of $51.37. The firm has a market cap of $8.68 billion, a PE ratio of -219.74 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm had revenue of $375.21 million during the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter last year, the firm earned $0.35 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, research analysts forecast that Procore Technologies will post 0.09 EPS 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. 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.