Procore Technologies, Inc. (NYSE:PCOR) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Procore Technologies, Inc. (NYSE:PCOR) has been given an average rating of “Moderate Buy” by the twenty-one brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $80.35.

A number of research firms recently issued reports on PCOR. TD Cowen increased their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. The Goldman Sachs Group increased their price objective on shares of Procore Technologies from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. Cantor Fitzgerald boosted their price target on shares of Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday, November 5th. Mizuho set a $68.00 price objective on Procore Technologies in a research note on Wednesday, November 4th. Finally, Jefferies Financial Group decreased their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st.

Insider Activity

In related news, SVP William Fleming, Jr. sold 16,852 shares of the company’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $76.57, for a total transaction of $1,290,357.64. Following the completion of the transaction, the senior vice president directly owned 91,049 shares in the company, valued at $6,971,621.93. This represents a 15.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Elisa Steele sold 3,337 shares of the stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $69.10, for a total transaction of $230,586.70. Following the completion of the sale, the director owned 55,034 shares of the company’s stock, valued at approximately $3,802,849.40. The trade was a 5.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 163,538 shares of company stock worth $9,522,185. Insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently added to or reduced their stakes in PCOR. BlackRock Inc. acquired a new position in Procore Technologies during the 2nd quarter worth approximately $300,345,000. Deutsche Bank AG acquired a new position in Procore Technologies during the second quarter worth $114,444,000. Assenagon Asset Management S.A. raised its position in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after acquiring an additional 2,146,182 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Procore Technologies in the third quarter valued at $86,864,000. Finally, Bamco Inc. NY acquired a new stake in Procore Technologies in the second quarter valued at $62,116,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Trading Up 0.4%

NYSE PCOR traded up $0.34 during trading hours on Tuesday, hitting $77.57. 1,950,237 shares of the company’s stock were exchanged, compared to its average volume of 3,494,372. The business’s 50 day moving average is $59.08 and its 200-day moving average is $53.81. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $79.80. The firm has a market capitalization of $11.60 billion, a P/E ratio of -337.24 and a beta of 0.75. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.17 and a current ratio of 1.06.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.05. The company had revenue of $402.31 million for the quarter, compared to analyst estimates of $384.38 million. Procore Technologies had a negative net margin of 2.31% and a positive return on equity of 2.67%. Procore Technologies’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. As a group, analysts anticipate that Procore Technologies will post 0.42 EPS for the current fiscal year.

Procore Technologies Company Profile

Procore Technologies provides cloud-based construction management software designed to help construction companies plan, manage and execute projects. Its platform connects project teams and stakeholders, including owners, general contractors, specialty contractors and design professionals. Procore’s products support project management, construction financials, workforce coordination, quality and safety processes, and project data and analytics. The platform also offers integrations with third-party applications to help customers connect construction workflows and business systems.