Procore Technologies, Inc. (NYSE:PCOR) Receives Average Rating 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 stock, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $86.00.

Several equities analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Canaccord Genuity Group raised their target price on shares of Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a report on Friday, November 22nd. DA Davidson lifted their price target on shares of Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. BMO Capital Markets lifted their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, December 9th.

Insider Buying and Selling

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $62.88, for a total transaction of $322,448.64. Following the transaction, the director now directly owns 1,345,464 shares of the company’s stock, valued at $84,602,776.32. The trade was a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $76.18, for a total transaction of $114,270.00. Following the transaction, the insider now directly owns 84,539 shares in the company, valued at approximately $6,440,181.02. This trade represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 142,693 shares of company stock valued at $10,479,096. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PCOR. Westfield Capital Management Co. LP lifted its position in shares of Procore Technologies by 39.2% during the third quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock worth $59,635,000 after purchasing an additional 272,030 shares in the last quarter. Barclays PLC lifted its position in shares of Procore Technologies by 49.1% during the third quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after purchasing an additional 22,734 shares in the last quarter. Advantage Alpha Capital Partners LP lifted its position in shares of Procore Technologies by 30.2% during the third quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock worth $7,825,000 after purchasing an additional 29,431 shares in the last quarter. Pathstone Holdings LLC lifted its position in shares of Procore Technologies by 804.3% during the third quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock worth $8,999,000 after purchasing an additional 129,679 shares in the last quarter. Finally, Diversified Trust Co lifted its position in shares of Procore Technologies by 157.1% during the fourth quarter. Diversified Trust Co now owns 50,649 shares of the company’s stock worth $3,795,000 after purchasing an additional 30,948 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Stock Performance

NYSE:PCOR opened at $75.00 on Friday. 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 has a 50-day moving average price of $76.41 and a two-hundred day moving average price of $66.82. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $86.67. The company has a market capitalization of $11.15 billion, a P/E ratio of -150.00 and a beta of 0.83.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The firm had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. As a group, research analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

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.