Procore Technologies, Inc. (NYSE:PCOR) Receives Average Rating of “Moderate Buy” from Brokerages

Procore Technologies, Inc. (NYSE:PCOR) has been assigned an average rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $86.00.

A number of analysts recently weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Barclays lifted their price objective on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. BMO Capital Markets increased their price objective on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. KeyCorp raised their price target on Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, Stifel Nicolaus upped their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th.

Insider Transactions at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the sale, the senior vice president now owns 75,120 shares of the company’s stock, valued at $5,314,740. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benjamin C. Singer sold 1,500 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $78.00, for a total value of $117,000.00. Following the completion of the sale, the insider now directly owns 83,039 shares in the company, valued at $6,477,042. This trade represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 135,804 shares of company stock valued at $10,195,395. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently modified their holdings of PCOR. Assenagon Asset Management S.A. raised its holdings in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after acquiring an additional 1,425,967 shares during the period. Meritage Group LP raised its position in Procore Technologies by 66.6% in the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after purchasing an additional 1,098,019 shares during the period. Principal Financial Group Inc. lifted its holdings in Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Procore Technologies by 128.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after purchasing an additional 1,297,151 shares in the last quarter. Finally, Holocene Advisors LP grew its stake in Procore Technologies by 1.1% in the third quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock valued at $115,623,000 after purchasing an additional 21,234 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Stock Performance

NYSE PCOR opened at $79.41 on Wednesday. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $86.67. The firm has a market capitalization of $11.80 billion, a price-to-earnings ratio of -158.81 and a beta of 0.83. The company’s fifty day moving average is $78.61 and its two-hundred day moving average is $68.03. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

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.