Analysts Set Procore Technologies, Inc. (NYSE:PCOR) PT at $71.33

Procore Technologies, Inc. (NYSE:PCOR) has been assigned an average rating of “Moderate Buy” from the eighteen brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $71.3333.

Several brokerages have issued reports on PCOR. The Goldman Sachs Group decreased their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a research report on Wednesday, April 29th. Piper Sandler decreased their price objective on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th.

Insider Activity

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at approximately $41,515,438.56. This trade represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider directly owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 139,268 shares of company stock worth $6,622,714 in the last quarter. 16.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB raised its holdings in Procore Technologies by 145.0% during the second quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company’s stock worth $2,169,000 after buying an additional 31,600 shares during the last quarter. First Bank & Trust boosted its position in shares of Procore Technologies by 62.1% during the second quarter. First Bank & Trust now owns 10,157 shares of the company’s stock valued at $413,000 after buying an additional 3,893 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after buying an additional 2,146,182 shares in the last quarter. Versant Capital Management Inc grew its holdings in Procore Technologies by 50.3% during the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after buying an additional 529 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Procore Technologies in the first quarter valued at about $563,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Trading Down 1.5%

NYSE PCOR opened at $43.34 on Wednesday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a market cap of $6.54 billion, a price-to-earnings ratio of -84.98 and a beta of 0.75. The business’s fifty day moving average is $45.90 and its 200 day moving average is $54.80.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the company earned $0.23 EPS. Procore Technologies’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, sell-side analysts expect that Procore Technologies will post 0.06 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.