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

Key Points

• Procore Technologies currently has a consensus analyst rating of “Moderate Buy” from 19 brokerages, with 15 buy ratings and an average 12-month price target of about $72.56.
• The company recently reported mixed quarterly results: earnings of $0.34 per share missed estimates by $0.02, but revenue of $359.28 million topped expectations and rose 15.7% year over year.
• Shares were trading near $42.37, close to their 12-month low of $40.74, while insiders have been selling stock and institutional investors continue to hold the majority of shares.

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have been assigned an average rating of "Moderate Buy" from the nineteen brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to 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.

A number of research firms have weighed in on PCOR. Citizens Jmp upgraded shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a research note on Wednesday, April 29th. TD Cowen dropped their target price on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. BTIG Research restated a "buy" rating and set a $66.00 price target on shares of Procore Technologies in a research note on Wednesday, May 6th. Wall Street Zen cut shares of Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th.

Procore Technologies Stock Up 0.4%

PCOR opened at $42.37 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of -83.07 and a beta of 0.73. Procore Technologies has a twelve month low of $40.74 and a twelve month high of $82.32. The company's 50-day moving average price is $50.99 and its two-hundred day moving average price is $59.46.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates 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 net margin of 5.61% and a negative return on equity of 2.24%. The firm's revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. As a group, equities analysts expect that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the company's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the sale, the director directly owned 990,983 shares in the company, valued at approximately $50,609,501.81. This represents a 0.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. The trade was a 3.92% 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 have sold 178,077 shares of company stock worth $8,564,311. 16.80% of the stock is owned by corporate insiders.

Institutional Trading of Procore Technologies

Institutional investors have recently modified their holdings of the business. SJS Investment Consulting Inc. lifted 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 valued at $25,000 after buying an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies during the 3rd quarter valued at approximately $34,000. Jones Financial Companies Lllp lifted 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 buying an additional 199 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the 4th quarter worth approximately $41,000. Finally, Allworth Financial LP increased its holdings in Procore Technologies by 48.2% during the 4th 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. 81.10% of the stock is currently owned by hedge funds and other 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.

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