Procore Technologies (NYSE:PCOR) Price Target Raised to $82.00

Procore Technologies (NYSE:PCOR) had its target price boosted by TD Cowen from $70.00 to $82.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently weighed in on PCOR. Piper Sandler lifted their target price on shares of Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. Robert W. Baird initiated coverage on Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 target price on the stock. DA Davidson reissued a “neutral” rating and issued a $60.00 price target on shares of Procore Technologies in a report on Wednesday, October 2nd. Jefferies Financial Group increased their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. Finally, Barclays boosted their target price on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $76.68 on Friday. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71. Procore Technologies has a one year low of $49.46 and a one year high of $83.35. The company has a 50-day simple moving average of $64.19 and a 200-day simple moving average of $63.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

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

Insider Activity

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of Procore Technologies stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $1,617,374.40. Following the transaction, the chief executive officer now owns 770,458 shares in the company, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the business’s stock in a transaction on 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 directly owns 75,120 shares of the company’s stock, valued at $5,314,740. This represents a 16.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 109,053 shares of company stock valued at $7,426,909 over the last 90 days. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

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