Procore Technologies, Inc. (NYSE:PCOR) Receives $84.24 Consensus PT from Brokerages

Procore Technologies, Inc. (NYSE:PCOR) has earned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Four 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 twelve-month price objective among brokers that have issued a report on the stock in the last year is $86.00.

A number of analysts have recently issued reports on PCOR shares. Scotiabank raised their price objective on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Canaccord Genuity Group upped their price objective on shares of Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a report on Friday, November 22nd. DA Davidson raised their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. JMP Securities upped their price target on shares of Procore Technologies from $75.00 to $90.00 and gave the company a “market outperform” rating in a research note on Monday, December 2nd. Finally, Piper Sandler raised their price objective on shares of Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd.

Procore Technologies Stock Up 1.4 %

NYSE:PCOR opened at $78.12 on Friday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $86.67. The firm has a market capitalization of $11.61 billion, a price-to-earnings ratio of -156.24 and a beta of 0.83. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average price is $75.50 and its two-hundred day moving average price is $66.52.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). The firm had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. Equities research analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 1,500 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $76.18, for a total value of $114,270.00. Following the completion of the transaction, the insider now owns 84,539 shares of the company’s stock, valued at approximately $6,440,181.02. This represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the transaction, the chief executive officer now owns 770,458 shares of the company’s stock, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 142,693 shares of company stock worth $10,479,096 over the last three months. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently bought and sold shares of the company. Westfield Capital Management Co. LP increased its stake in shares of Procore Technologies by 39.2% in the third quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock valued at $59,635,000 after buying an additional 272,030 shares during the period. Advantage Alpha Capital Partners LP lifted its position in shares of Procore Technologies by 30.2% in the 3rd quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock worth $7,825,000 after purchasing an additional 29,431 shares during the period. Barclays PLC boosted its stake in shares of Procore Technologies by 49.1% in the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock valued at $4,259,000 after purchasing an additional 22,734 shares during the last quarter. Pathstone Holdings LLC increased its position in shares of Procore Technologies by 804.3% during the third quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock worth $8,999,000 after buying an additional 129,679 shares during the period. Finally, Geode Capital Management LLC raised its stake in Procore Technologies by 10.9% during the third quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after buying an additional 168,769 shares during the last quarter. 81.10% of the stock is currently 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.