Procore Technologies, Inc. (NYSE:PCOR) Given Average Rating of “Moderate Buy” by Analysts

Procore Technologies, Inc. (NYSE:PCOR) has received an average rating of “Moderate Buy” from the twenty-three research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $76.95.

A number of brokerages have commented on PCOR. KeyCorp decreased their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Robert W. Baird increased their price target on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Barclays reduced their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. TD Cowen lifted their price objective on shares of Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd.

Procore Technologies Stock Up 2.5%

NYSE PCOR opened at $57.90 on Thursday. Procore Technologies has a 1-year low of $46.08 and a 1-year high of $82.32. The stock’s 50 day moving average is $61.61 and its two-hundred day moving average is $68.72. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $8.69 billion, a price-to-earnings ratio of -86.42 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business’s revenue was up 15.6% on a year-over-year basis. During the same period last year, the firm posted $0.01 EPS. Equities analysts forecast that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the sale, the director owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. This represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at $3,233,000. This trade represents a 6.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 314,098 shares of company stock worth $22,229,482. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC acquired a new position in Procore Technologies during the 4th quarter worth approximately $511,000. Goldman Sachs Group Inc. increased its holdings in shares of Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after buying an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Procore Technologies by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after acquiring an additional 52,507 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Procore Technologies by 13.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 22,602 shares of the company’s stock valued at $1,546,000 after acquiring an additional 2,645 shares in the last quarter. Finally, Atria Investments Inc grew its position in Procore Technologies by 7.8% during the 2nd quarter. Atria Investments Inc now owns 14,595 shares of the company’s stock worth $999,000 after acquiring an additional 1,059 shares during the last quarter. 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. 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.