Procore Technologies, Inc. (NYSE:PCOR) Receives $85.11 Consensus Target Price from Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-one ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, fourteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $85.1111.

A number of analysts have recently issued reports on the stock. BMO Capital Markets boosted their target price on shares of Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. William Blair reissued an “outperform” rating on shares of Procore Technologies in a research report on Friday, October 17th. Robert W. Baird raised their target price on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Finally, Piper Sandler increased their price objective on Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th.

Procore Technologies Stock Down 3.8%

Shares of NYSE PCOR opened at $68.20 on Wednesday. Procore Technologies has a 1 year low of $53.71 and a 1 year high of $88.92. The firm has a 50-day simple moving average of $74.13 and a two-hundred day simple moving average of $72.01. The company has a market cap of $10.60 billion, a P/E ratio of -81.19 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.10. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The firm had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In related news, CRO Lawrence Joseph Stack sold 10,000 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total value of $753,000.00. Following the completion of the sale, the executive directly owned 184,128 shares of the company’s stock, valued at $13,864,838.40. This represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J.G. Griffith sold 207,474 shares of the stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the transaction, the director owned 3,244,546 shares in the company, valued at approximately $234,580,675.80. The trade was a 6.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 683,825 shares of company stock valued at $49,831,210. Company insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

Hedge funds have recently bought and sold shares of the stock. Brighton Jones LLC purchased a new position in shares of Procore Technologies in the 4th quarter valued at $511,000. Goldman Sachs Group Inc. lifted its stake in shares of Procore Technologies by 5.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Procore Technologies by 17.6% during the first 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 purchasing an additional 52,507 shares in the last quarter. Parallel Advisors LLC grew its stake in Procore Technologies by 7.1% in the second quarter. Parallel Advisors LLC now owns 6,643 shares of the company’s stock valued at $455,000 after purchasing an additional 440 shares during the last quarter. Finally, First Bank & Trust grew its stake in Procore Technologies by 7.3% in the second quarter. First Bank & Trust now owns 6,293 shares of the company’s stock valued at $431,000 after purchasing an additional 427 shares during the last quarter. 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.