Procore Technologies, Inc. (NYSE:PCOR) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Twenty brokerages give Procore Technologies a consensus “Moderate Buy” rating, with 16 buys, one strong buy, two holds, and one sell. The average 12-month price target is $70.44 versus a recent share price of $60.51.
• Procore exceeded quarterly expectations: The company reported earnings of $0.47 per share versus the $0.42 consensus estimate and revenue of $375.21 million, up 15.8% year over year and above expectations.
• Insiders have been selling shares: Company insiders sold 228,142 shares worth approximately $11.3 million over the past three months, while insiders retain a 16.8% ownership stake. Institutional investors and hedge funds own 81.1% of the stock.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $70.4375.

Several research analysts recently commented on PCOR shares. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a research note on Wednesday, April 29th. BTIG Research restated a "buy" rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. TD Cowen dropped their price objective on Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 28th. UBS Group lifted their price objective on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd.

Insider Buying and Selling

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $57.11, for a total value of $3,205,127.42. Following the completion of the sale, the chairman directly owned 919,704 shares of the company's stock, valued at $52,524,295.44. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 228,142 shares of company stock worth $11,333,234. 16.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its holdings in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after buying an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies during the third quarter worth about $34,000. Twin Tree Management LP acquired a new stake in Procore Technologies during the second quarter worth about $40,000. Allworth Financial LP raised its stake in Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after acquiring an additional 204 shares during the period. Finally, Global Retirement Partners LLC bought a new position in Procore Technologies in the second quarter worth about $52,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Trading Down 0.2%

Shares of PCOR stock opened at $60.51 on Thursday. The firm has a fifty day simple moving average of $49.35 and a 200-day simple moving average of $51.34. The company has a market capitalization of $9.20 billion, a PE ratio of -232.73 and a beta of 0.70. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm's quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 EPS. Equities research analysts predict that Procore Technologies will post 0.09 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.

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