Procore Technologies, Inc. (NYSE:PCOR) Receives $70.12 Average Target Price from Brokerages

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned a consensus rating of “Buy” from the twenty-one research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, sixteen have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $70.1176.

PCOR has been the topic of a number of analyst reports. Zacks Research raised shares of Procore Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 3rd. Barclays boosted their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. UBS Group upped their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Piper Sandler decreased their price target on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th.

Procore Technologies Price Performance

Shares of PCOR opened at $51.09 on Monday. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The company has a market capitalization of $7.76 billion, a price-to-earnings ratio of -196.51 and a beta of 0.74. The business has a 50-day moving average of $55.00 and a 200-day moving average of $51.79.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same period in the prior year, the business posted $0.35 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Procore Technologies will post 0.41 EPS for the current year.

Insider Activity at Procore Technologies

In related news, Director Elisa Steele sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the sale, the director owned 58,371 shares of the company’s stock, valued at $3,677,373. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig Courtemanche, Jr. sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $53.48, for a total value of $3,001,404.56. Following the completion of the sale, the chairman owned 908,316 shares of the company’s stock, valued at approximately $48,576,739.68. The trade was a 5.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 220,348 shares of company stock worth $11,591,165 over the last quarter. 16.80% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Several hedge funds have recently modified their holdings of the stock. SJS Investment Consulting Inc. grew its holdings in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the period. Twin Tree Management LP bought a new stake in Procore Technologies in the second quarter valued at $40,000. Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Global Retirement Partners LLC acquired a new position in shares of Procore Technologies during the second quarter valued at about $52,000. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies during the 4th quarter worth about $54,000. Institutional investors own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.