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

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have received an average recommendation of "Moderate Buy" from the nineteen analysts that are covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $81.39.

A number of research firms have commented on PCOR. Jefferies Financial Group decreased their target price on shares of Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. BMO Capital Markets decreased their target price on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Mizuho reduced their price target on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Arete started coverage on shares of Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 price target on the stock. Finally, Scotiabank reduced 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 report on Thursday, April 24th.

Procore Technologies Price Performance

NYSE:PCOR traded up $1.29 during trading hours on Wednesday, reaching $75.60. 1,060,782 shares of the company were exchanged, compared to its average volume of 1,239,095. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The firm has a market cap of $11.28 billion, a PE ratio of -87.91 and a beta of 0.89. The stock's 50-day moving average is $69.26 and its 200-day moving average is $70.33. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02.

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

Insider Buying and Selling

In other news, insider Benjamin C. Singer sold 4,500 shares of Procore Technologies stock in a transaction that occurred 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 sale, the insider owned 97,557 shares of the company's stock, valued at approximately $7,316,775. This trade represents a 4.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of Procore Technologies stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the transaction, the insider directly owned 3,137,255 shares of the company's stock, valued at approximately $203,168,633.80. The trade was a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Procore Technologies by 277.0% during 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 during the period. Huntington National Bank lifted its stake in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after acquiring an additional 404 shares during the period. SVB Wealth LLC acquired a new position in shares of Procore Technologies during the first quarter valued at $49,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Procore Technologies by 181.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after acquiring an additional 544 shares during the period. Finally, Ancora Advisors LLC lifted its stake in shares of Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after acquiring an additional 850 shares during the period. Institutional investors and hedge funds 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.