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

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the nineteen research firms that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong 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 $80.83.

A number of research analysts recently commented on the company. UBS Group lowered their price objective on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Mizuho lowered their price target on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. DA Davidson upgraded shares of Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. Stifel Nicolaus reduced their target price on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Scotiabank dropped their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research note on Thursday, April 24th.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 7,700 shares of the firm's stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total transaction of $436,359.00. Following the completion of the sale, the director now directly owns 1,208,284 shares of the company's stock, valued at $68,473,454.28. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 4,203 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $68.91, for a total value of $289,628.73. Following the sale, the insider now directly owns 102,057 shares in the company, valued at $7,032,747.87. This trade represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 660,412 shares of company stock worth $42,834,653. 29.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCOR. Capital World Investors lifted its stake in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $131,840,000. JPMorgan Chase & Co. raised its holdings in shares of Procore Technologies by 84.5% during the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after acquiring an additional 1,492,869 shares during the period. Champlain Investment Partners LLC purchased a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $105,747,000. Finally, Alliancebernstein L.P. boosted its stake in Procore Technologies by 474.3% in the 4th quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company's stock worth $105,614,000 after purchasing an additional 1,164,074 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Stock Up 0.0%

Procore Technologies stock traded up $0.01 during midday trading on Friday, hitting $67.90. 1,758,526 shares of the company were exchanged, compared to its average volume of 1,675,707. The company has a market cap of $10.13 billion, a PE ratio of -78.95 and a beta of 0.90. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company's fifty day moving average price is $66.37 and its 200-day moving average price is $71.03. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. The business had revenue of $310.63 million for the quarter, compared to analysts' expectations of $302.66 million. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The business's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.30 earnings per share. On average, research analysts predict that Procore Technologies will post -0.15 EPS for the current fiscal year.

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.