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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have received an average rating of “Moderate Buy” from the twenty-one ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $85.1111.

PCOR has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a report on Wednesday, October 8th. Canaccord Genuity Group lifted their price objective on shares of Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Berenberg Bank assumed coverage on shares of Procore Technologies in a report on Friday, October 3rd. They issued a “buy” rating and a $84.00 target price on the stock. DA Davidson raised shares of Procore Technologies to a “hold” rating in a research note on Friday, November 7th. Finally, Barclays upgraded Procore Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $82.00 to $90.00 in a research report on Monday, January 5th.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $72.02 on Wednesday. The stock’s 50 day moving average price is $74.51 and its 200 day moving average price is $71.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a market cap of $11.20 billion, a price-to-earnings ratio of -85.74 and a beta of 0.90. Procore Technologies has a 12 month low of $53.71 and a 12 month high of $88.92.

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

Insiders Place Their Bets

In other Procore Technologies news, Director William J.G. Griffith sold 207,474 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the transaction, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. This trade represents a 6.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 22,000 shares of Procore Technologies stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $78.77, for a total transaction of $1,732,940.00. Following the transaction, the senior vice president owned 63,309 shares in the company, valued at approximately $4,986,849.93. The trade was a 25.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 683,825 shares of company stock worth $49,831,210 over the last three months. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 6.2% during the 3rd quarter. Vanguard Group Inc. now owns 12,353,586 shares of the company’s stock worth $900,823,000 after purchasing an additional 718,663 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Procore Technologies by 493.9% during the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP raised its holdings in shares of Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Procore Technologies by 76.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock worth $248,066,000 after purchasing an additional 1,486,153 shares in the last quarter. 81.10% of the stock is currently 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.