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

Key Points

• Wall Street sentiment is positive on Procore Technologies, with 19 analysts averaging a “Moderate Buy” rating and a consensus 12-month price target of about $72.56, well above the stock’s recent trading level.
• Procore’s latest quarterly results were mixed: revenue rose 15.7% year over year to $359.28 million, but earnings per share came in slightly below expectations at $0.34 versus $0.36 expected.
• There has been notable insider selling and continued institutional ownership, with insiders selling shares in recent months while institutions still hold about 81.1% of the stock.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has been given an average rating of "Moderate Buy" by the nineteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and fifteen have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $72.5625.

Several research firms recently commented on PCOR. Zacks Research upgraded Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. Canaccord Genuity Group reduced their price objective on Procore Technologies from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 13th. Barclays reduced their price objective on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating for the company in a report on Friday, February 13th. Finally, DA Davidson reduced their price objective on Procore Technologies from $75.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, February 13th.

Procore Technologies Price Performance

PCOR opened at $47.99 on Tuesday. The stock has a 50-day moving average price of $54.69 and a 200-day moving average price of $62.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market cap of $7.24 billion, a PE ratio of -94.10 and a beta of 0.78. Procore Technologies has a 1 year low of $45.02 and a 1 year high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analysts' expectations of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies's revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 EPS. Sell-side analysts predict that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the sale, the insider directly owned 64,660 shares in the company, valued at approximately $3,233,000. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the sale, the chairman owned 927,580 shares of the company's stock, valued at $47,362,234.80. The trade was a 5.71% 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. In the last ninety days, insiders sold 204,148 shares of company stock worth $10,649,323. 16.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in the company. Versant Capital Management Inc grew its stake in shares of Procore Technologies by 23.6% during the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company's stock valued at $68,000 after purchasing an additional 179 shares during the period. Argos Wealth Advisors LLC grew its stake in shares of Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock valued at $294,000 after purchasing an additional 195 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock valued at $35,000 after purchasing an additional 199 shares during the period. Intellectus Partners LLC grew its stake in shares of Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company's stock valued at $912,000 after purchasing an additional 200 shares during the period. Finally, Chicago Partners Investment Group LLC grew its stake in shares of Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock valued at $1,068,000 after purchasing an additional 202 shares during the period. 81.10% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.