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

Key Points

• Procore Technologies, Inc. has received an average recommendation of "Moderate Buy" from twenty analysts, with a consensus 1-year price target of $83.06.
• Insider activity shows that CFO Howard Fu sold 814 shares, while Director William J.G. Griffith sold 309,168 shares, indicating a total insider sale of 656,755 shares worth $42.75 million in the last ninety days.
• Procore reported a 13.9% increase in revenue year-over-year, with quarterly earnings per share beating analysts' expectations by $0.11.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has earned an average recommendation of "Moderate Buy" from the twenty ratings firms that are presently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $83.0556.

A number of equities analysts recently issued reports on the company. Piper Sandler upped their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a report on Friday, August 1st. BMO Capital Markets lifted their price objective on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Mizuho upped their target price on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. JMP Securities restated a "market perform" rating and set a $95.00 price objective on shares of Procore Technologies in a research note on Friday, August 1st. Finally, Scotiabank decreased their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Thursday, April 24th.

Procore Technologies Stock Performance

Shares of Procore Technologies stock traded up $0.84 during midday trading on Friday, hitting $66.10. The company had a trading volume of 737,106 shares, compared to its average volume of 2,395,262. The stock has a market cap of $9.93 billion, a price-to-earnings ratio of -68.86 and a beta of 0.90. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The company has a fifty day simple moving average of $68.93 and a 200 day simple moving average of $69.01. Procore Technologies has a 12-month low of $52.78 and a 12-month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The firm had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the previous year, the firm earned $0.39 EPS. The business's quarterly revenue was up 13.9% on a year-over-year basis. As a group, analysts predict that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,500 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $75.00, for a total transaction of $337,500.00. Following the transaction, the insider directly owned 97,557 shares in the company, valued at $7,316,775. This trade represents a 4.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the sale, the director directly owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. The trade was a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 656,755 shares of company stock worth $42,751,179 over the last three months. Corporate insiders own 21.50% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Procore Technologies by 277.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after acquiring an additional 385 shares in the last quarter. SVB Wealth LLC purchased a new stake in Procore Technologies in the first quarter valued at $49,000. Hilltop National Bank acquired a new position in Procore Technologies during the second quarter worth $62,000. Ancora Advisors LLC lifted its stake in Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after purchasing an additional 850 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Procore Technologies by 174.2% during the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after purchasing an additional 636 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

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.