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

Key Points

• Procore Technologies has a “Moderate Buy” consensus rating from 18 analysts, with 14 buy ratings, three holds, and one sell. The average 12-month price target is about $71.33.
• The company’s latest quarterly results were mixed: EPS of $0.34 missed estimates by $0.02, but revenue came in above expectations at $359.28 million and rose 15.7% year over year.
• Shares were trading around $44.83, well below the recent analyst price targets, while insiders and institutions remained active; insiders sold shares recently, and institutions own about 81.1% of the stock.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eighteen research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $71.3333.

Several research firms recently commented on PCOR. Zacks Research upgraded Procore Technologies from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday. Piper Sandler lowered their price objective on Procore Technologies from $79.00 to $71.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, The Goldman Sachs Group cut their target price on Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th.

Procore Technologies Trading Up 1.8%

PCOR stock opened at $44.83 on Wednesday. The firm has a fifty day moving average price of $46.62 and a 200 day moving average price of $55.31. Procore Technologies has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The firm has a market cap of $6.76 billion, a PE ratio of -87.90 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

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

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 5,775 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director owned 979,439 shares in the company, valued at $42,037,521.88. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares of the company's stock, valued at $4,836,150. This trade represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 195,390 shares of company stock valued at $9,296,366 over the last three months. 16.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCOR. Blue Owl Capital Holdings LP bought a new stake in shares of Procore Technologies during the fourth quarter worth $6,857,000. Robinhood Asset Management LLC bought a new position in Procore Technologies in the 4th quarter worth about $7,136,000. Spyglass Capital Management LLC grew its stake in Procore Technologies by 5.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 943,888 shares of the company's stock worth $68,828,000 after acquiring an additional 45,790 shares in the last quarter. Stephens Investment Management Group LLC increased its position in shares of Procore Technologies by 20.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company's stock worth $32,048,000 after acquiring an additional 75,436 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Procore Technologies by 105.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company's stock worth $3,332,000 after acquiring an additional 23,555 shares during the period. 81.10% of the stock is owned by 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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