DA Davidson Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price objective raised by stock analysts at DA Davidson from $60.00 to $70.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price objective points to a potential downside of 8.71% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Barclays upped their price target on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. BMO Capital Markets raised their price objective on Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a report on Friday. Finally, The Goldman Sachs Group increased their price target on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Friday. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Up 1.9 %

Shares of PCOR stock opened at $76.68 on Friday. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $83.35. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a fifty day moving average of $64.19 and a 200-day moving average of $63.94. The company has a market capitalization of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71.

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

Insider Buying and Selling at Procore Technologies

In other news, insider Steven Scott Davis sold 9,671 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $65.00, for a total transaction of $628,615.00. Following the completion of the sale, the insider now owns 192,137 shares in the company, valued at $12,488,905. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the transaction, the director now owns 1,360,848 shares in the company, valued at approximately $79,582,391.04. This trade represents a 0.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 109,053 shares of company stock valued at $7,426,909 in the last quarter. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after buying an additional 175 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies during the third quarter worth about $26,000. Signaturefd LLC raised its stake in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after purchasing an additional 789 shares during the period. Finally, Rothschild Investment LLC acquired a new position in shares of Procore Technologies during the 2nd quarter worth approximately $51,000. 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.