Procore Technologies, Inc. (NYSE:PCOR) Receives $69.94 Average Target Price from Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been given an average recommendation of “Moderate Buy” by the seventeen research firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $69.94.

Several brokerages have recently commented on PCOR. JMP Securities decreased their target price on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a report on Thursday, October 31st. TD Cowen increased their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, October 28th. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. DA Davidson reissued a “neutral” rating and set a $60.00 price target on shares of Procore Technologies in a research note on Wednesday, October 2nd. Finally, Piper Sandler boosted their price objective on shares of Procore Technologies from $63.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st.

Procore Technologies Trading Down 3.4 %

Shares of Procore Technologies stock opened at $69.15 on Friday. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $83.35. The stock has a market capitalization of $10.28 billion, a P/E ratio of -138.30 and a beta of 0.71. The company has a 50-day simple moving average of $62.53 and a 200 day simple moving average of $63.78. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The company 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%. Research analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $71.04, for a total value of $876,633.60. Following the sale, the insider now directly owns 2,284,989 shares in the company, valued at approximately $162,325,618.56. This trade represents a 0.54 % 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, CFO Howard Fu sold 1,500 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $71.75, for a total transaction of $107,625.00. Following the completion of the transaction, the chief financial officer now directly owns 171,997 shares of the company’s stock, valued at $12,340,784.75. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,695 shares of company stock valued at $6,844,893 over the last three months. Company insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

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

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.