Procore Technologies (NYSE:PCOR) Given New $90.00 Price Target at JPMorgan Chase & Co.

Procore Technologies (NYSE:PCOR) had its price objective lifted by JPMorgan Chase & Co. from $86.00 to $90.00 in a research note released on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research analysts have also commented on PCOR. Macquarie began coverage on shares of Procore Technologies in a research note on Wednesday, June 5th. They issued a neutral rating and a $70.00 price objective for the company. Mizuho reissued a neutral rating and issued a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. TD Cowen began coverage on shares of Procore Technologies in a research note on Wednesday, June 12th. They issued a buy rating and a $85.00 price objective for the company. BMO Capital Markets reissued an outperform rating and issued a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Finally, DA Davidson reissued a buy rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Thursday, March 14th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $81.19.

Procore Technologies Price Performance

Shares of PCOR opened at $67.98 on Tuesday. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35. The stock has a market cap of $9.95 billion, a PE ratio of -70.81 and a beta of 0.75. The firm has a 50-day simple moving average of $67.26 and a two-hundred day simple moving average of $71.48. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The business had revenue of $269.43 million during the quarter, compared to analysts’ expectations of $263.13 million. As a group, analysts forecast that Procore Technologies will post -0.35 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 1,157 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $75,205.00. Following the completion of the sale, the chief financial officer now owns 182,561 shares in the company, valued at approximately $11,866,465. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Graham Smith sold 1,787 shares of Procore Technologies stock in a transaction on Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $117,370.16. Following the transaction, the director now directly owns 46,620 shares of the company’s stock, valued at approximately $3,062,001.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Howard Fu sold 1,157 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $65.00, for a total transaction of $75,205.00. Following the sale, the chief financial officer now owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The disclosure for this sale can be found here. In the last quarter, insiders sold 233,964 shares of company stock worth $16,011,712. 29.00% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

A number of large investors have recently bought and sold shares of PCOR. Northern Trust Corp boosted its stake in Procore Technologies by 14.1% during the 3rd quarter. Northern Trust Corp now owns 400,368 shares of the company’s stock worth $26,152,000 after purchasing an additional 49,587 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in Procore Technologies during the 3rd quarter worth $5,226,000. JPMorgan Chase & Co. raised its position in Procore Technologies by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock worth $309,926,000 after buying an additional 114,649 shares during the last quarter. Bullseye Asset Management LLC raised its position in Procore Technologies by 100.4% during the 3rd quarter. Bullseye Asset Management LLC now owns 3,993 shares of the company’s stock worth $261,000 after buying an additional 2,000 shares during the last quarter. Finally, Advisors Capital Management LLC raised its position in Procore Technologies by 174.2% during the 3rd quarter. Advisors Capital Management LLC now owns 127,481 shares of the company’s stock worth $8,327,000 after buying an additional 80,986 shares during the last quarter. Institutional investors and hedge funds 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.