Procore Technologies, Inc. (NYSE:PCOR) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been assigned an average rating of “Moderate Buy” from the eighteen analysts that are presently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $90.24.

Several analysts have issued reports on the company. UBS Group upped their target price on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a report on Friday, February 14th. Mizuho upped their price objective on shares of Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Canaccord Genuity Group lifted their target price on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Robert W. Baird increased their price target on shares of Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Finally, Piper Sandler lifted their price target on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 14th.

Procore Technologies Stock Performance

PCOR opened at $72.07 on Thursday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The firm has a market capitalization of $10.81 billion, a PE ratio of -100.10 and a beta of 0.85. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm’s 50-day moving average price is $76.34 and its 200 day moving average price is $71.76.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. As a group, sell-side analysts expect that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Howard Fu sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total transaction of $696,000.00. Following the sale, the chief financial officer now owns 156,188 shares in the company, valued at $13,588,356. The trade was a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,604 shares of company stock valued at $5,427,468 in the last three months. 29.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares during the last quarter. Capital World Investors increased its stake in shares of Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after acquiring an additional 2,555,612 shares during the period. Wellington Management Group LLP purchased a new position in shares of Procore Technologies during the 4th quarter worth approximately $131,840,000. Wasatch Advisors LP raised its position in Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after acquiring an additional 1,575,534 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings 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 worth $214,377,000 after buying an additional 1,425,967 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.