Procore Technologies, Inc. (NYSE:PCOR) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• Analysts broadly favor Procore Technologies: Twenty-one brokerages have a consensus “Buy” rating, including 16 buys and three strong buys. The average 12-month price target is $70.12, versus a recent share price of $51.33.
• Quarterly results exceeded expectations: Procore reported EPS of $0.47, beating the $0.42 consensus estimate, while revenue of $375.21 million surpassed forecasts and rose 15.8% year over year.
• Insiders have been selling shares: Company insiders sold 220,348 shares worth approximately $11.6 million during the latest quarter, though insiders still own 16.8% of the company and institutional investors own 81.1%.

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have earned a consensus recommendation of "Buy" from the twenty-one research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $70.1176.

Several analysts have commented on the company. TD Cowen cut their target price on Procore Technologies from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Tuesday, July 28th. Guggenheim started coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target for the company. UBS Group increased their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Zacks Research upgraded Procore Technologies from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 3rd. Finally, BTIG Research reissued a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Friday, July 24th.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $51.33 on Monday. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of -197.42 and a beta of 0.74. Procore Technologies has a one year low of $38.03 and a one year high of $82.32. The company's 50-day moving average is $54.54 and its 200 day moving average is $51.93.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its 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. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million during the quarter, compared to analysts' expectations of $365.82 million. During the same period in the previous year, the company earned $0.35 earnings per share. The business's revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, research analysts predict that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies 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 value of $845,152.98. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 business's stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the sale, the chairman owned 919,704 shares of the company's stock, 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. Over the last quarter, insiders sold 220,348 shares of company stock worth $11,591,165. Company insiders own 16.80% of the company's stock.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. SJS Investment Consulting Inc. boosted its stake in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after acquiring an additional 426 shares during the last quarter. Twin Tree Management LP bought a new position in Procore Technologies in the 2nd quarter worth $40,000. Allworth Financial LP raised its holdings in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the period. Global Retirement Partners LLC purchased a new position in Procore Technologies during the second quarter valued at $52,000. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies during the fourth quarter valued at about $54,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Company Profile

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.

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