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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been given a consensus recommendation of “Moderate Buy” by the eighteen analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $71.3333.

A number of research analysts have recently issued reports on PCOR shares. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. TD Cowen lowered their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. Piper Sandler lowered their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. BTIG Research reaffirmed a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $44.83 on Wednesday. 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 company has a market capitalization of $6.76 billion, a price-to-earnings ratio of -87.90 and a beta of 0.75. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The firm has a 50 day moving average of $46.62 and a 200 day moving average of $55.31.

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

Insider Buying and Selling

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at $41,515,438.56. This represents a 5.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 195,390 shares of company stock worth $9,296,366 in the last ninety days. 16.80% of the stock is owned by insiders.

Institutional Trading of Procore Technologies

Several large investors have recently bought and sold shares of PCOR. Blue Owl Capital Holdings LP purchased a new position in shares of Procore Technologies in the fourth quarter worth $6,857,000. Robinhood Asset Management LLC acquired a new stake in shares of Procore Technologies during the fourth quarter worth $7,136,000. Spyglass Capital Management LLC grew its holdings in shares of Procore Technologies by 5.1% during the third quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company’s stock valued at $68,828,000 after buying an additional 45,790 shares during the last quarter. Stephens Investment Management Group LLC grew its holdings in shares of Procore Technologies by 20.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company’s stock valued at $32,048,000 after buying an additional 75,436 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Procore Technologies by 105.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after acquiring an additional 23,555 shares during the period. 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. 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.