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

Procore Technologies, Inc. (NYSE:PCOR) has been assigned an average recommendation of “Moderate Buy” from the twenty analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong 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 $70.4375.

A number of analysts have recently commented on the company. BMO Capital Markets upped their target price on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Guggenheim initiated coverage on Procore Technologies in a report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target for the company. The Goldman Sachs Group lowered their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, Jefferies Financial Group lowered their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st.

Procore Technologies Price Performance

NYSE PCOR opened at $62.82 on Thursday. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The company has a market capitalization of $9.55 billion, a PE ratio of -241.62 and a beta of 0.70. The company has a fifty day moving average of $50.78 and a 200 day moving average of $51.59.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS. Research analysts expect that Procore Technologies will post 0.09 earnings per share for the current year.

Insider Activity

In related news, insider Benjamin C. Singer sold 3,943 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the sale, the insider directly owned 86,931 shares of the company’s stock, valued at approximately $5,507,078.85. This represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 15,386 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the sale, the director directly owned 946,746 shares in the company, valued at $52,004,757.78. This trade represents a 1.60% 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. In the last 90 days, insiders have sold 224,200 shares of company stock valued at $11,136,134. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently modified their holdings of the company. SJS Investment Consulting Inc. grew its position in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies during the third quarter worth approximately $34,000. Twin Tree Management LP purchased a new position in Procore Technologies during the second quarter worth approximately $40,000. Allworth Financial LP grew its holdings in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Global Retirement Partners LLC acquired a new stake in Procore Technologies in the second quarter valued at approximately $52,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.