Procore Technologies, Inc. (NYSE:PCOR) Receives $85.11 Average PT from Brokerages

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received a consensus recommendation of “Moderate Buy” from the twenty-one brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation, fourteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $85.1111.

A number of analysts recently issued reports on PCOR shares. Wall Street Zen upgraded Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Berenberg Bank initiated coverage on shares of Procore Technologies in a report on Friday, October 3rd. They issued a “buy” rating and a $84.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research note on Wednesday, October 8th. Robert W. Baird increased their price objective on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Finally, Piper Sandler raised their price objective on shares of Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th.

Procore Technologies Stock Down 5.7%

Shares of NYSE:PCOR opened at $64.33 on Wednesday. The company has a market cap of $10.00 billion, a price-to-earnings ratio of -76.58 and a beta of 0.90. Procore Technologies has a 12 month low of $53.71 and a 12 month high of $88.92. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $73.62 and a 200 day moving average price of $71.92.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.10. The company had revenue of $338.85 million for the quarter, compared to analysts’ expectations of $328.13 million. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 earnings per share. As a group, equities research analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In related news, CFO Howard Fu sold 814 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total transaction of $59,413.86. Following the completion of the transaction, the chief financial officer owned 178,237 shares in the company, valued at $13,009,518.63. The trade was a 0.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $72.70, for a total value of $5,452,500.00. Following the completion of the sale, the chairman owned 1,155,480 shares in the company, valued at approximately $84,003,396. The trade was a 6.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 683,011 shares of company stock worth $49,772,325 in the last three months. Corporate insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in PCOR. Versant Capital Management Inc raised its holdings in shares of Procore Technologies by 23.6% during the third quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock valued at $68,000 after acquiring an additional 179 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. Intellectus Partners LLC raised its stake in Procore Technologies by 1.6% in the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after purchasing an additional 200 shares during the last quarter. George Kaiser Family Foundation lifted its holdings in Procore Technologies by 1.0% in the 2nd quarter. George Kaiser Family Foundation now owns 23,168 shares of the company’s stock valued at $1,585,000 after purchasing an additional 240 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after purchasing an additional 269 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other 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. 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.