Procore Technologies, Inc. (NYSE:PCOR) Receives $70.44 Consensus Price Target from Brokerages

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received a consensus rating of “Moderate Buy” from the twenty research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $70.4375.

A number of equities analysts recently commented on PCOR shares. Jefferies Financial Group lowered their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. TD Cowen dropped their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Finally, Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd.

Insiders Place Their Bets

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the sale, the chairman owned 919,704 shares of the company’s stock, valued at $40,375,005.60. The trade was a 5.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the sale, the senior vice president owned 104,981 shares in the company, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 224,200 shares of company stock worth $11,136,134. Insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently modified their holdings of PCOR. BlackRock Inc. purchased a new stake in shares of Procore Technologies in the second quarter valued at $300,345,000. California State Teachers Retirement System increased its holdings in shares of Procore Technologies by 3,881.6% during the 2nd quarter. California State Teachers Retirement System now owns 5,391,046 shares of the company’s stock worth $218,984,000 after buying an additional 5,255,648 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Procore Technologies during the 2nd quarter worth about $114,444,000. Assenagon Asset Management S.A. lifted its position in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after buying an additional 2,146,182 shares in the last quarter. Finally, Wasatch Advisors LP boosted its position in Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Up 0.2%

Shares of Procore Technologies stock opened at $63.81 on Thursday. The business’s fifty day simple moving average is $50.31 and its 200-day simple moving average is $51.51. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The firm has a market cap of $9.70 billion, a PE ratio of -245.42 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies’s revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, equities analysts expect that Procore Technologies will post 0.09 earnings per share for the current 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.