Procore Technologies, Inc. (NYSE:PCOR) Receives Consensus Rating of “Moderate Buy” from Analysts

Procore Technologies, Inc. (NYSE:PCOR) has received a consensus rating of “Moderate Buy” from the eighteen research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $71.3333.

A number of research analysts have recently commented on PCOR shares. Piper Sandler dropped their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. Zacks Research raised shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. BTIG Research reissued a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a report on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd.

Procore Technologies Trading Down 4.0%

PCOR opened at $40.14 on Friday. Procore Technologies has a twelve month low of $40.04 and a twelve month high of $82.32. The company has a 50-day simple moving average of $50.01 and a 200 day simple moving average of $58.68. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of -78.70 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm’s revenue was up 15.7% compared to the same quarter last year. During the same period last year, the company posted $0.23 EPS. Analysts predict that Procore Technologies will post 0.06 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the transaction, the director owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the completion of the transaction, the chairman owned 919,704 shares of the company’s stock, valued at approximately $41,515,438.56. This trade represents a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 189,621 shares of company stock valued at $9,054,472. 16.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. raised its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies in the 3rd quarter valued at approximately $34,000. Jones Financial Companies Lllp raised its holdings 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 buying an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies in the 4th quarter valued at approximately $41,000. Finally, Allworth Financial LP raised its holdings in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

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.