Jefferies Financial Group Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its target price raised by research analysts at Jefferies Financial Group from $60.00 to $65.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price objective points to a potential upside of 3.87% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus decreased their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. BMO Capital Markets decreased their target price on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. KeyCorp decreased their target price on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, JMP Securities decreased their target price on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating for the company in a research note on Friday, August 2nd. Six investment 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $69.81.

Procore Technologies Stock Performance

NYSE:PCOR opened at $62.58 on Tuesday. The firm has a market capitalization of $9.24 billion, a PE ratio of -99.33 and a beta of 0.73. The business’s fifty day moving average price is $59.86 and its 200 day moving average price is $63.93. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. Procore Technologies has a 12 month low of $48.11 and a 12 month high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same quarter in the prior year, the firm posted ($0.28) earnings per share. Procore Technologies’s revenue for the quarter was up 24.4% on a year-over-year basis. On average, sell-side analysts anticipate that Procore Technologies will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $1,359,806.02. Following the completion of the sale, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at approximately $46,905,294.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 25,000 shares of Procore Technologies stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $57.53, for a total value of $1,438,250.00. Following the completion of the sale, the director now directly owns 1,380,078 shares of the company’s stock, valued at approximately $79,395,887.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of Procore Technologies stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the completion of the transaction, the chief executive officer now owns 793,123 shares in the company, valued at approximately $46,905,294.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,748 shares of company stock valued at $5,661,056 in the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its holdings in shares of Procore Technologies by 184.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 83,747 shares of the company’s stock valued at $5,169,000 after purchasing an additional 54,350 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Procore Technologies by 7.9% during the 3rd quarter. US Bancorp DE now owns 18,026 shares of the company’s stock valued at $1,113,000 after acquiring an additional 1,322 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Procore Technologies during the 3rd quarter valued at $71,000. Diversify Wealth Management LLC lifted its holdings in shares of Procore Technologies by 11.7% during the 3rd quarter. Diversify Wealth Management LLC now owns 7,607 shares of the company’s stock valued at $469,000 after acquiring an additional 799 shares in the last quarter. Finally, Smith Group Asset Management LLC acquired a new position in shares of Procore Technologies during the 3rd quarter valued at $280,000. 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.