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

Procore Technologies, Inc. (NYSE:PCOR) has been given an average recommendation of “Moderate Buy” by the nineteen analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $69.75.

A number of analysts recently commented on PCOR shares. TD Cowen dropped their price target on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Friday, October 2nd. Zacks Research lowered shares of Procore Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Piper Sandler initiated coverage on shares of Procore Technologies in a report on Monday, September 28th. They set an “overweight” rating and a $68.00 target price on the stock. Finally, BTIG Research restated a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research report on Friday, July 24th.

Procore Technologies Stock Up 4.8%

NYSE PCOR opened at $60.79 on Friday. The company has a market cap of $9.24 billion, a PE ratio of -233.80 and a beta of 0.78. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The firm’s 50-day simple moving average is $56.42 and its two-hundred day simple moving average is $51.35.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping 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 firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter last year, the company earned $0.35 earnings per share. The company’s revenue was up 15.8% on a year-over-year basis. As a group, equities research analysts anticipate that Procore Technologies will post 0.41 EPS for the current year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 15,386 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the sale, the director owned 946,746 shares of the company’s stock, valued at approximately $52,004,757.78. This represents a 1.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $56.19, for a total value of $3,153,495.18. Following the sale, the chairman directly owned 908,316 shares in the company, valued at $51,038,276.04. This trade represents a 5.82% 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. Insiders sold 222,271 shares of company stock valued at $12,450,532 in the last 90 days. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Procore Technologies during the second quarter worth about $300,345,000. Deutsche Bank AG bought a new position in Procore Technologies in the 2nd quarter worth about $114,444,000. Assenagon Asset Management S.A. increased its stake in Procore Technologies by 95.3% in the 2nd 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 during the last quarter. Bamco Inc. NY purchased a new stake in shares of Procore Technologies in the 2nd quarter valued at about $62,116,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 acquiring an additional 1,240,247 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.