Procore Technologies, Inc. (NYSE:PCOR) Given Average Rating of "Moderate Buy" by Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have earned a consensus rating of "Moderate Buy" from the seventeen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $69.50.

A number of brokerages recently issued reports on PCOR. JPMorgan Chase & Co. cut their target price on Procore Technologies from $90.00 to $75.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. Scotiabank decreased their target price on shares of Procore Technologies from $90.00 to $70.00 and set a "sector outperform" rating for the company in a research report on Friday, August 2nd. Barclays cut shares of Procore Technologies from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $78.00 to $54.00 in a research report on Friday, August 2nd. Macquarie reissued a "neutral" rating and set a $70.00 price objective on shares of Procore Technologies in a report on Tuesday, July 30th. Finally, KeyCorp dropped their target price 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 the company's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the transaction, the senior vice president now owns 79,156 shares of the company's stock, valued at approximately $4,681,285.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of the company's stock in a transaction that occurred on 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 directly owns 79,156 shares in the company, valued at approximately $4,681,285.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the transaction, the director now owns 1,360,848 shares of the company's stock, valued at $79,582,391.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 178,688 shares of company stock valued at $11,111,941. 29.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its stake in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company's stock worth $42,000 after acquiring an additional 216 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Procore Technologies in the second quarter worth approximately $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 purchasing an additional 1,024 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company's stock valued at $103,000 after purchasing an additional 260 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of 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 buying an additional 297 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Stock Up 1.8 %

Shares of Procore Technologies stock traded up $1.08 during trading on Thursday, reaching $61.63. 527,572 shares of the company traded hands, compared to its average volume of 1,535,814. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market capitalization of $9.10 billion, a PE ratio of -63.07 and a beta of 0.73. The company has a 50 day moving average price of $59.86 and a 200-day moving average price of $67.00. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $284.30 million for the quarter, compared to analysts' expectations of $275.26 million. During the same quarter in the prior year, the firm earned ($0.28) EPS. The business's revenue was up 24.4% on a year-over-year basis. As a group, equities research analysts expect that Procore Technologies will post -0.28 earnings per share for the current fiscal 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.