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

Procore Technologies, Inc. (NYSE:PCOR) has been given a consensus rating of “Moderate Buy” by the eighteen ratings firms that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $86.88.

PCOR has been the topic of a number of recent analyst reports. Mizuho lowered their price target on shares of Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday. JMP Securities increased their target price on shares of Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday, February 18th. UBS Group boosted their price target on shares of Procore Technologies from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Canaccord Genuity Group boosted their target price on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Barclays lowered their price target on Procore Technologies from $90.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, April 14th.

Insider Buying and Selling

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 200 shares of the company’s stock, valued at approximately $17,480. The trade was a 84.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin C. Singer sold 1,500 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total transaction of $117,000.00. Following the transaction, the insider now directly owns 83,039 shares of the company’s stock, valued at $6,477,042. The trade was a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,982 shares of company stock valued at $5,069,759 over the last 90 days. Company insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after purchasing an additional 838,925 shares during the last quarter. Capital World Investors boosted its stake in shares of Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after purchasing an additional 2,555,612 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after purchasing an additional 1,425,967 shares during the period. Principal Financial Group Inc. raised its position in Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock worth $200,810,000 after purchasing an additional 2,670,872 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of Procore Technologies by 14.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock valued at $196,873,000 after buying an additional 322,367 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $58.37 on Monday. The firm has a market capitalization of $8.75 billion, a P/E ratio of -81.06 and a beta of 0.90. 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 business’s fifty day simple moving average is $69.99 and its 200 day simple moving average is $72.12. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $88.92.

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