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

Procore Technologies (NYSE:PCOR) had its price objective boosted by KeyCorp from $68.00 to $85.00 in a report issued on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other research firms have also recently commented on PCOR. Jefferies Financial Group lifted their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, November 18th. BMO Capital Markets lifted their target price on Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday. Barclays lifted their target price on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, Macquarie reiterated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Stock Performance

NYSE PCOR opened at $80.24 on Friday. The company has a fifty day simple moving average of $64.64 and a 200 day simple moving average of $64.00. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $83.35. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market cap of $11.93 billion, a P/E ratio of -160.48 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 net margin of 6.59% and a negative return on equity of 2.51%. Sell-side analysts predict that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 15,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 approximately $5,314,740. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Connor Kevin J. O sold 8,974 shares of Procore Technologies stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the sale, the director now directly owns 1,371,104 shares in the company, valued at $79,606,298.24. This trade represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,053 shares of company stock valued at $7,426,909 over the last quarter. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCOR. Dragoneer Investment Group LLC boosted 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 valued at $148,762,000 after acquiring an additional 1,609,607 shares during the period. Wasatch Advisors LP boosted its holdings in Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after acquiring an additional 1,575,534 shares during the period. Assenagon Asset Management S.A. purchased a new position in Procore Technologies during the 3rd quarter valued at $88,572,000. XN LP boosted its holdings in Procore Technologies by 101.1% during 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 during the period. Finally, PointState Capital LP purchased a new position in Procore Technologies during the 3rd quarter valued at $81,306,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

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.