Brokerages Set Procore Technologies, Inc. (NYSE:PCOR) PT at $84.24

Procore Technologies, Inc. (NYSE:PCOR) has been given a consensus recommendation of “Moderate Buy” by the eighteen analysts that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $86.00.

Several brokerages recently commented on PCOR. Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. UBS Group began coverage on Procore Technologies in a research report on Monday, December 2nd. They issued a “buy” rating and a $105.00 target price for the company. Barclays upped their price target on Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. TD Cowen raised their price objective on Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, Piper Sandler increased their price target on shares of Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $78.12 on Friday. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $86.67. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a market cap of $11.61 billion, a PE ratio of -156.24 and a beta of 0.83. The company’s 50-day moving average price is $75.50 and its two-hundred day moving average price is $66.52.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. As a group, sell-side analysts anticipate that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.07, for a total value of $318,294.96. Following the sale, the director now directly owns 1,355,720 shares in the company, valued at approximately $84,149,540.40. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $76.18, for a total transaction of $114,270.00. Following the transaction, the insider now directly owns 84,539 shares in the company, valued at approximately $6,440,181.02. This represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 142,693 shares of company stock worth $10,479,096 over the last 90 days. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Dragoneer Investment Group LLC raised its holdings in shares of Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after acquiring an additional 1,609,607 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after purchasing an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Procore Technologies during the third quarter worth about $88,572,000. XN LP grew its holdings in shares of Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after buying an additional 1,411,812 shares in the last quarter. Finally, PointState Capital LP acquired a new stake in Procore Technologies in the 3rd quarter valued at approximately $81,306,000. 81.10% of the stock is owned by institutional investors and hedge funds.

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.