Procore Technologies, Inc. (NYSE:PCOR) Receives $80.83 Average Price Target from Analysts

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has earned an average rating of "Moderate Buy" from the nineteen research firms that are presently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $80.83.

Several research firms have recently commented on PCOR. KeyCorp lowered their price target on shares of Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Arete began coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. Barclays boosted their price target on Procore Technologies from $70.00 to $72.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. BMO Capital Markets reduced their price objective on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Finally, Macquarie decreased their price objective on Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th.

Procore Technologies Price Performance

PCOR traded up $1.41 during trading on Friday, reaching $69.83. 1,696,205 shares of the stock were exchanged, compared to its average volume of 1,663,497. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. The company has a market capitalization of $10.42 billion, a price-to-earnings ratio of -81.20 and a beta of 0.90. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92. The business's 50 day moving average price is $66.87 and its two-hundred day moving average price is $70.81.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $310.63 million for the quarter, compared to analyst estimates 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 firm earned $0.30 EPS. As a group, equities research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In related news, insider Benjamin C. Singer sold 4,203 shares of Procore Technologies 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 transaction, the insider owned 102,057 shares in the company, valued at approximately $7,032,747.87. This trade represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William J.G. Griffith sold 309,168 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $20,021,719.68. Following the sale, the director directly owned 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. This trade represents a 14.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 660,412 shares of company stock valued at $42,834,653 in the last ninety days. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Procore Technologies by 7.6% during the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock worth $891,692,000 after purchasing an additional 838,925 shares during the period. JPMorgan Chase & Co. grew its stake in Procore Technologies by 84.5% during the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after buying an additional 1,492,869 shares during the period. Capital World Investors increased its position in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after acquiring an additional 2,555,612 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Procore Technologies by 3.1% in the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock worth $182,365,000 after acquiring an additional 82,311 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Procore Technologies by 14.0% in the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after acquiring an additional 322,367 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.