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

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned an average rating of “Buy” from the twenty-one ratings firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, sixteen have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $70.12.

PCOR has been the subject of a number of research analyst reports. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Cantor Fitzgerald initiated coverage on Procore Technologies in a research report on Tuesday, September 15th. They set an “overweight” rating and a $65.00 price target on the stock. Guggenheim began coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price objective for the company. Jefferies Financial Group decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Finally, BMO Capital Markets raised their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st.

Procore Technologies Price Performance

Shares of PCOR opened at $49.43 on Monday. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32. The stock has a market cap of $7.51 billion, a PE ratio of -190.12 and a beta of 0.74. The firm has a fifty day moving average price of $55.16 and a 200 day moving average price of $51.65.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter last year, the company posted $0.35 earnings per share. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, equities analysts expect that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity

In other Procore Technologies news, SVP William Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares in the company, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 3,943 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the sale, the insider directly owned 86,931 shares of the company’s stock, valued at $5,507,078.85. The trade was a 4.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 220,348 shares of company stock worth $11,591,165 over the last 90 days. 16.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Procore Technologies in the 2nd quarter valued at approximately $300,345,000. Deutsche Bank AG acquired a new stake in shares of Procore Technologies during the second quarter worth $114,444,000. Assenagon Asset Management S.A. lifted its holdings in shares of 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 purchasing an additional 2,146,182 shares during the period. Bamco Inc. NY purchased a new position in Procore Technologies in the 2nd quarter valued at $62,116,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock valued at $115,170,000 after buying an additional 1,240,247 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 (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.