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

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the seventeen research firms that are currently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $69.94.

A number of brokerages have recently commented on PCOR. TD Cowen lifted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, October 28th. Scotiabank reduced their price target on Procore Technologies from $90.00 to $70.00 and set a "sector outperform" rating on the stock in a research report on Friday, August 2nd. Barclays raised their price objective on Procore Technologies from $64.00 to $66.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 31st. Robert W. Baird assumed coverage on Procore Technologies in a report on Tuesday, September 24th. They issued an "outperform" rating and a $73.00 target price on the stock. Finally, KeyCorp decreased their target price on shares of Procore Technologies from $79.00 to $68.00 and set an "overweight" rating for the company in a research report on Friday, August 2nd.

Procore Technologies Price Performance

Shares of NYSE PCOR traded down $2.46 during mid-day trading on Friday, hitting $69.15. 2,132,541 shares of the stock traded hands, compared to its average volume of 1,575,321. The company has a market cap of $10.28 billion, a PE ratio of -137.08 and a beta of 0.71. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $83.35. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a 50 day simple moving average of $62.23 and a two-hundred day simple moving average of $63.85.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $295.89 million for the quarter, compared to analysts' expectations of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, equities research analysts forecast that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 25,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the completion of the sale, the director now directly owns 1,380,078 shares of the company's stock, valued at approximately $79,395,887.34. This trade represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the sale, the senior vice president now directly owns 79,156 shares in the company, valued at approximately $4,681,285.84. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 132,695 shares of company stock worth $8,283,143 in the last ninety days. Corporate insiders own 29.00% of the company's stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in Procore Technologies by 39.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,865 shares of the company's stock worth $400,000 after buying an additional 1,372 shares during the period. SG Americas Securities LLC raised its position in shares of Procore Technologies by 34.0% during the 1st quarter. SG Americas Securities LLC now owns 8,012 shares of the company's stock valued at $658,000 after purchasing an additional 2,033 shares during the period. Sei Investments Co. lifted its holdings in Procore Technologies by 240.6% in the 1st quarter. Sei Investments Co. now owns 170,937 shares of the company's stock worth $14,046,000 after purchasing an additional 120,751 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Procore Technologies by 31.8% in the 1st quarter. Russell Investments Group Ltd. now owns 185,912 shares of the company's stock worth $15,252,000 after purchasing an additional 44,873 shares in the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of Procore Technologies by 9.9% during the 1st quarter. Blair William & Co. IL now owns 76,504 shares of the company's stock worth $6,286,000 after acquiring an additional 6,871 shares in the last quarter. 81.10% of the stock is currently owned by 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.