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

Procore Technologies, Inc. (NYSE:PCOR) has earned a consensus rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $69.50.

A number of equities analysts have commented on the company. The Goldman Sachs Group reduced their target price on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a report on Friday, August 2nd. BMO Capital Markets decreased their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Piper Sandler lowered their target price on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Robert W. Baird initiated coverage on Procore Technologies in a research note on Tuesday. They set an “outperform” rating and a $73.00 price objective on the stock. Finally, KeyCorp reduced their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd.

Insider Buying and Selling

In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $160,091.98. Following the completion of the sale, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the sale, the senior vice president now owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the completion of the transaction, the chief executive officer now owns 527,349 shares of the company’s stock, valued at approximately $34,588,820.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,688 shares of company stock valued at $11,111,941. Company insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Hedge funds have recently modified their holdings of the stock. Signaturefd LLC grew its holdings in Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares in the last quarter. Rothschild Investment LLC purchased a new position in Procore Technologies in the second quarter valued at $51,000. Quarry LP raised its stake in Procore Technologies by 984.6% in the second quarter. Quarry LP now owns 1,128 shares of the company’s stock valued at $75,000 after buying an additional 1,024 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after acquiring an additional 297 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Procore Technologies stock opened at $60.55 on Thursday. The stock has a market capitalization of $8.94 billion, a P/E ratio of -63.07 and a beta of 0.73. The company’s fifty day moving average price is $59.86 and its 200 day moving average price is $67.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. Procore Technologies has a 1 year low of $48.11 and a 1 year high of $83.35.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The business had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. During the same quarter last year, the business earned ($0.28) earnings per share. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Procore Technologies will post -0.28 earnings per share for the current fiscal year.

About Procore Technologies

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.