Analysts Set Procore Technologies, Inc. (NYSE:PCOR) Target Price at $71.33

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned an average recommendation of “Moderate Buy” from the eighteen analysts that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $70.3333.

A number of brokerages have recently issued reports on PCOR. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. BTIG Research reissued a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. Finally, UBS Group lowered their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th.

Insider Buying and Selling

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’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 transaction, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total transaction of $241,894.17. Following the sale, the director directly owned 967,901 shares of the company’s stock, valued at approximately $40,584,088.93. This trade represents a 0.59% 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. Over the last 90 days, insiders sold 189,621 shares of company stock worth $8,791,847. 16.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently modified their holdings of the stock. Handelsbanken Fonder AB grew its stake in Procore Technologies by 145.0% during the second quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company’s stock valued at $2,169,000 after acquiring an additional 31,600 shares in the last quarter. First Bank & Trust increased its holdings in Procore Technologies by 62.1% in the 2nd quarter. First Bank & Trust now owns 10,157 shares of the company’s stock valued at $413,000 after acquiring an additional 3,893 shares during the last quarter. Assenagon Asset Management S.A. lifted 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 purchasing an additional 2,146,182 shares in the last quarter. Versant Capital Management Inc lifted its stake in Procore Technologies by 50.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after purchasing an additional 529 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Procore Technologies during the 1st quarter valued at about $563,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Trading Down 2.2%

Shares of NYSE:PCOR opened at $43.07 on Wednesday. The stock has a 50 day moving average of $45.42 and a 200 day moving average of $54.22. The company has a market cap of $6.50 billion, a PE ratio of -84.45 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the previous year, the business posted $0.23 EPS. Procore Technologies’s revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts expect that Procore Technologies will post 0.06 EPS for the current year.

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.