Procore Technologies, Inc. (NYSE:PCOR) Stock Has Consensus Price Target of $69.44 According to Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Procore Technologies, with 16 buy ratings, one strong buy, two holds and one sell. The average 12-month price target is $69.44, above the reported share price of $58.84.
• Procore exceeded quarterly expectations, reporting $0.47 in EPS versus $0.42 expected and revenue of $375.21 million versus $365.82 million estimated. Revenue increased 15.8% year over year.
• Insiders sold 222,271 shares worth approximately $12.45 million over the past 90 days, while institutional investors own 81.1% of the company.

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the twenty ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $69.44.

A number of analysts have recently issued reports on PCOR shares. BTIG Research reaffirmed a "buy" rating and set a $66.00 price target on shares of Procore Technologies in a report on Friday, July 24th. TD Cowen decreased their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Guggenheim assumed coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They set a "buy" rating and a $68.00 price objective on the stock. UBS Group increased their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Piper Sandler began coverage on shares of Procore Technologies in a report on Monday, September 28th. They issued an "overweight" rating and a $68.00 target price on the stock.

Insider Buying and Selling at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares of the company's stock, valued at $6,188,629.95. This represents a 8.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kevin O'Connor sold 7,692 shares of the firm's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $53.50, for a total value of $411,522.00. Following the completion of the transaction, the director owned 915,978 shares in the company, valued at approximately $49,004,823. This trade represents a 0.83% 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. In the last 90 days, insiders sold 222,271 shares of company stock worth $12,450,532. 16.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its stake in shares of Procore Technologies by 0.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company's stock worth $229,154,000 after purchasing an additional 32,494 shares during the period. Whetstone Capital Advisors LLC purchased a new position in shares of Procore Technologies in the second quarter worth approximately $1,990,000. Engineers Gate Manager LP purchased a new position in shares of Procore Technologies in the second quarter worth approximately $971,000. Squarepoint Ops LLC grew its position in Procore Technologies by 21.6% during the second quarter. Squarepoint Ops LLC now owns 305,837 shares of the company's stock valued at $12,423,000 after buying an additional 54,285 shares during the period. Finally, Arizona State Retirement System grew its position in Procore Technologies by 3.8% during the second quarter. Arizona State Retirement System now owns 32,098 shares of the company's stock valued at $1,304,000 after buying an additional 1,162 shares during the period. Institutional investors own 81.10% of the company's stock.

Procore Technologies Price Performance

PCOR stock opened at $58.84 on Friday. The stock has a market capitalization of $8.94 billion, a P/E ratio of -226.30 and a beta of 0.78. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32. The business has a fifty day moving average price of $56.39 and a 200-day moving average price of $51.31.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period in the prior year, the company posted $0.35 earnings per share. The company's quarterly revenue was up 15.8% on a year-over-year basis. As a group, analysts anticipate that Procore Technologies will post 0.41 earnings per share for the current year.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company's products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.

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