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

Procore Technologies, Inc. (NYSE:PCOR) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $81.79.

Several analysts recently commented on the company. Piper Sandler cut their target price on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday. The Goldman Sachs Group lifted their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. JPMorgan Chase & Co. increased their target price on shares of Procore Technologies from $83.00 to $86.00 and gave the company an “overweight” rating in a research report on Thursday. Barclays dropped their price target on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, KeyCorp increased their price objective on shares of Procore Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, February 16th.

Procore Technologies Stock Down 1.6 %

PCOR stock opened at $68.14 on Monday. The stock has a market cap of $9.97 billion, a PE ratio of -70.98 and a beta of 0.78. The firm’s 50-day simple moving average is $76.35 and its 200 day simple moving average is $68.92. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 15th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.13. The firm had revenue of $260.04 million during the quarter, compared to analysts’ expectations of $248.20 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. As a group, sell-side analysts predict that Procore Technologies will post -0.64 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 110,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $80.00, for a total value of $8,800,000.00. Following the completion of the sale, the chief executive officer now owns 532,749 shares in the company, valued at approximately $42,619,920. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Procore Technologies news, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $82.15, for a total transaction of $246,450.00. Following the transaction, the insider now owns 125,321 shares of the company’s stock, valued at approximately $10,295,120.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 110,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $80.00, for a total transaction of $8,800,000.00. Following the completion of the sale, the chief executive officer now directly owns 532,749 shares of the company’s stock, valued at $42,619,920. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 538,672 shares of company stock valued at $41,509,564. 39.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S increased its position in Procore Technologies by 30.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after purchasing an additional 297 shares during the last quarter. Jennison Associates LLC increased its holdings in Procore Technologies by 72.2% in the first quarter. Jennison Associates LLC now owns 1,010,101 shares of the company’s stock worth $83,000,000 after buying an additional 423,578 shares during the last quarter. FORA Capital LLC acquired a new position in Procore Technologies in the first quarter worth approximately $2,833,000. BNP Paribas bought a new position in Procore Technologies during the first quarter valued at approximately $1,349,000. Finally, Capstone Investment Advisors LLC lifted its stake in Procore Technologies by 140.0% in the first quarter. Capstone Investment Advisors LLC now owns 14,307 shares of the company’s stock valued at $1,176,000 after acquiring an additional 8,346 shares during the last quarter. 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.