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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been given an average rating of “Moderate Buy” by the twenty ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, sixteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $70.4375.

A number of research analysts have weighed in on the company. UBS Group upped their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler dropped their price target on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Guggenheim began coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target on the stock. The Goldman Sachs Group decreased their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Finally, BTIG Research restated a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a report on Friday, July 24th.

Procore Technologies Trading Down 1.4%

Shares of Procore Technologies stock opened at $59.53 on Thursday. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32. The company has a market cap of $9.05 billion, a P/E ratio of -228.95 and a beta of 0.74. The company’s fifty day simple moving average is $51.63 and its two-hundred day simple moving average is $51.76.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. Procore Technologies’s quarterly revenue was up 15.8% on a year-over-year basis. Analysts predict that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the transaction, the senior vice president directly owned 104,981 shares in the company, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at approximately $40,375,005.60. This represents a 5.75% 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. In the last 90 days, insiders sold 224,200 shares of company stock valued at $11,136,134. Insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PCOR. Brighton Jones LLC purchased a new stake in shares of Procore Technologies in the fourth quarter worth $511,000. Goldman Sachs Group Inc. raised its position in shares of Procore Technologies by 5.2% in 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 raised its position in shares of Procore Technologies by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. boosted its stake in Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after purchasing an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after purchasing an additional 269 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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. 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.