Procore Technologies, Inc. (NYSE:PCOR) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have been given an average recommendation of "Moderate Buy" by the eighteen brokerages that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $86.88.

PCOR has been the topic of several recent analyst reports. Jefferies Financial Group cut their target price on Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. JPMorgan Chase & Co. reduced their price objective on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. DA Davidson decreased their target price on Procore Technologies from $80.00 to $60.00 and set a "neutral" rating for the company in a research report on Monday. Barclays dropped their price target on shares of Procore Technologies from $90.00 to $70.00 and set an "equal weight" rating on the stock in a report on Monday. Finally, Mizuho decreased their price objective on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a report on Tuesday.

Insider Buying and Selling

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares in the company, valued at $17,480. This trade represents a 84.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Connor Kevin J. O sold 7,700 shares of the firm's stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the completion of the transaction, the director now directly owns 1,208,284 shares of the company's stock, valued at approximately $68,473,454.28. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,176 shares of company stock valued at $5,486,304. Corporate insiders own 29.00% of the company's stock.

Remove Ads

Institutional Trading of Procore Technologies

A number of large investors have recently made changes to their positions in PCOR. Principal Financial Group Inc. lifted its stake in shares of Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the last quarter. Capital World Investors lifted its position in Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after buying an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP purchased a new position in Procore Technologies during the fourth quarter worth $131,840,000. Assenagon Asset Management S.A. increased its position in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after acquiring an additional 1,425,967 shares during the last quarter. Finally, Champlain Investment Partners LLC bought a new stake in shares of Procore Technologies in the 4th quarter worth about $105,747,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Up 0.2 %

Shares of NYSE PCOR traded up $0.11 during trading on Monday, reaching $60.64. The company had a trading volume of 869,047 shares, compared to its average volume of 1,728,707. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The business's 50-day moving average is $70.99 and its 200 day moving average is $72.24. The stock has a market cap of $9.09 billion, a PE ratio of -84.21 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). The firm had revenue of $302.05 million for the quarter, compared to analysts' expectations of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. As a group, equities analysts forecast that Procore Technologies will post -0.15 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.