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

Key Points

• Analysts give Procore a consensus recommendation of Moderate Buy from 19 brokerages (14 Buy, 4 Hold, 1 Sell) with an average 12‑month price target of $75.25.
• Procore beat quarterly estimates with EPS of $0.37 (vs. $0.35) and revenue of $349.1M (up 15.6% YoY), but the company still reports a negative net margin (‑7.62%) and negative ROE while trading near $53.38 with a market cap of about $8.0B.
• Insiders have sold roughly 148,026 shares (~$7.78M) in the past 90 days, although insiders still own 21.5% of shares and institutional/hedge fund ownership is high at about 81.1%.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the nineteen brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four 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 issued a report on the stock in the last year is $75.25.

Several equities analysts have recently issued reports on the stock. KeyCorp lowered their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. BTIG Research reaffirmed a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a research note on Wednesday, March 11th. The Goldman Sachs Group lowered their price objective on shares of Procore Technologies from $90.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday, February 9th. DA Davidson lowered their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, February 13th. Finally, Wall Street Zen raised shares of Procore Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, March 28th.

Procore Technologies Stock Performance

Shares of PCOR opened at $53.38 on Friday. The firm's 50 day moving average is $55.25 and its 200-day moving average is $65.23. The stock has a market capitalization of $8.01 billion, a P/E ratio of -79.68 and a beta of 0.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. Procore Technologies has a 12-month low of $46.08 and a 12-month high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. The company had revenue of $349.11 million for the quarter, compared to analysts' expectations of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The business's revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 EPS. Equities research analysts anticipate that Procore Technologies will post 0.09 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the transaction, the director directly owned 1,012,136 shares of the company's stock, valued at $55,141,169.28. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 148,026 shares of company stock valued at $7,783,734 over the last ninety days. Corporate insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Procore Technologies by 12.2% in the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company's stock worth $240,753,000 after acquiring an additional 360,207 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Procore Technologies during the third quarter worth approximately $1,442,000. Envestnet Asset Management Inc. boosted its holdings in shares of Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company's stock worth $30,607,000 after purchasing an additional 99,706 shares during the period. Robinhood Asset Management LLC acquired a new stake in shares of Procore Technologies during the fourth quarter worth approximately $7,136,000. Finally, Stephens Investment Management Group LLC boosted its holdings in shares of Procore Technologies by 19.6% during the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company's stock worth $26,627,000 after purchasing an additional 59,923 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

About Procore Technologies

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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