Procore Technologies, Inc. (NYSE:PCOR) Given Average Rating of “Moderate Buy” by Analysts

Procore Technologies, Inc. (NYSE:PCOR) has received an average rating of “Moderate Buy” from 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 issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $80.24.

Several analysts recently weighed in on the stock. Barclays lifted their price target on shares of Procore Technologies from $70.00 to $72.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Stifel Nicolaus reduced their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. DA Davidson lowered their price target on Procore Technologies from $80.00 to $60.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Mizuho cut their target price on shares of Procore Technologies from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th.

Procore Technologies Trading Up 0.1%

Shares of PCOR opened at $72.28 on Friday. The firm has a 50 day moving average price of $64.75 and a 200-day moving average price of $72.50. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of -100.39 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to analyst estimates of $302.66 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The firm’s revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 EPS. As a group, equities research analysts forecast that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Howard Fu sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total transaction of $696,000.00. Following the completion of the sale, the chief financial officer now directly owns 156,188 shares of the company’s stock, valued at approximately $13,588,356. This trade represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 6,937 shares of Procore Technologies stock in a transaction on Friday, February 21st. The stock was sold at an average price of $83.60, for a total value of $579,933.20. Following the sale, the insider now 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. Over the last 90 days, insiders have sold 55,142 shares of company stock worth $4,119,407. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in PCOR. Parkside Financial Bank & Trust grew its holdings in Procore Technologies by 61.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock worth $29,000 after acquiring an additional 147 shares in the last quarter. V Square Quantitative Management LLC grew its stake in Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after purchasing an additional 162 shares during the last quarter. Huntington National Bank raised its position in Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after buying an additional 404 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Procore Technologies during the 4th quarter valued at about $53,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Procore Technologies by 1,434.0% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 721 shares of the company’s stock valued at $54,000 after purchasing an additional 674 shares during the period. 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.