Procore Technologies, Inc. (NYSE:PCOR) Receives $80.24 Average Target Price from Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been given a consensus rating of “Moderate Buy” by the eighteen research firms that are currently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $80.24.

PCOR has been the topic of a number of research analyst reports. Macquarie cut their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. UBS Group dropped their price target on shares of Procore Technologies from $110.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus dropped their price target on shares of Procore Technologies from $93.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. JMP Securities raised their price target on shares of Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research report on Tuesday, February 18th. Finally, BMO Capital Markets dropped their price target 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.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $67.10, for a total value of $344,088.80. Following the completion of the transaction, the director now directly owns 1,226,240 shares of the company’s stock, valued at approximately $82,280,704. This trade represents a 0.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin C. Singer sold 6,937 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $83.60, for a total transaction of $579,933.20. Following the completion of the transaction, the insider now directly owns 72,110 shares of the company’s stock, valued at approximately $6,028,396. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,142 shares of company stock worth $4,053,807 in the last quarter. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock worth $891,692,000 after buying an additional 838,925 shares during the period. Capital World Investors boosted its holdings in Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the period. Principal Financial Group Inc. boosted its holdings in Procore Technologies by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company’s stock valued at $182,365,000 after purchasing an additional 82,311 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in 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 purchasing an additional 322,367 shares during the period. 81.10% of the stock is owned by institutional investors.

Procore Technologies Price Performance

PCOR stock opened at $65.62 on Friday. The stock has a market capitalization of $9.79 billion, a PE ratio of -91.14 and a beta of 0.90. The company’s 50-day moving average is $64.84 and its 200-day moving average is $72.43. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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. The company 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 9.20% and a negative return on equity of 5.10%. The business’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 EPS. Equities research analysts expect that Procore Technologies will post -0.15 EPS for the current fiscal year.

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.