Procore Technologies, Inc. (NYSE:PCOR) Receives $69.31 Consensus Target Price from Brokerages

Procore Technologies, Inc. (NYSE:PCOR) has received a consensus rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the company, MarketBeat reports. Seven research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $69.31.

A number of brokerages have issued reports on PCOR. Mizuho reissued a “neutral” rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. BMO Capital Markets dropped their price target on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Macquarie restated a “neutral” rating and set a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. KeyCorp lowered their price objective on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. cut their target price on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd.

Insider Activity

In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the sale, the senior vice president now owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the transaction, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $66.13, for a total transaction of $132,260.00. Following the completion of the sale, the insider now owns 108,705 shares in the company, valued at $7,188,661.65. The disclosure for this sale can be found here. Insiders sold 173,675 shares of company stock worth $10,893,468 over the last three months. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Procore Technologies during the 4th quarter worth $68,005,000. Artisan Partners Limited Partnership boosted its position in shares of Procore Technologies by 81.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock valued at $45,200,000 after purchasing an additional 293,613 shares during the period. Orion Portfolio Solutions LLC increased its stake in Procore Technologies by 29.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock worth $6,232,000 after purchasing an additional 17,119 shares in the last quarter. M&G Plc acquired a new stake in Procore Technologies during the 1st quarter worth about $8,798,000. Finally, Eventide Asset Management LLC purchased a new stake in Procore Technologies during the fourth quarter valued at about $3,302,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Performance

PCOR stock opened at $54.23 on Friday. The stock’s 50 day simple moving average is $62.40 and its 200 day simple moving average is $68.72. Procore Technologies has a 12-month low of $48.11 and a 12-month high of $83.35. The firm has a market cap of $7.94 billion, a P/E ratio of -56.49 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company had revenue of $284.30 million for the quarter, compared to analysts’ expectations of $275.26 million. During the same period in the prior year, the company earned ($0.28) earnings per share. The firm’s revenue was up 24.4% compared to the same quarter last year. As a group, equities research analysts predict that Procore Technologies will post -0.28 EPS for the current 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.