Procore Technologies (NYSE:PCOR) Price Target Raised to $85.00

Procore Technologies (NYSE:PCOR) had its price objective lifted by Scotiabank from $70.00 to $85.00 in a research report released on Friday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets increased their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday. KeyCorp boosted their price objective on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Barclays raised 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. Robert W. Baird started coverage on Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on Procore Technologies from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Stock Performance

NYSE:PCOR opened at $76.68 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $83.35. The firm has a market capitalization of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. The business’s fifty day moving average price is $64.19 and its 200 day moving average price is $63.92.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The firm had revenue of $295.89 million for 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%. On average, sell-side analysts anticipate that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 8,974 shares of Procore Technologies stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total value of $521,030.44. Following the transaction, the director now directly owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. The trade was a 0.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Steven Scott Davis sold 9,671 shares of the 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 sale, the insider now directly owns 192,137 shares of the company’s stock, valued at approximately $12,488,905. This trade represents a 4.79 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,053 shares of company stock valued at $7,426,909. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

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