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

Procore Technologies (NYSE:PCOR) had its price objective lifted by stock analysts at Jefferies Financial Group from $65.00 to $70.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s target price would indicate a potential downside of 0.09% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler upped their price objective on shares of Procore Technologies from $63.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Scotiabank lowered their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. JMP Securities reduced their price target on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a report on Thursday, October 31st. Barclays lifted their price target on Procore Technologies from $64.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Finally, 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 report on Friday, August 2nd. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $70.25.

Procore Technologies Stock Performance

Procore Technologies stock opened at $70.06 on Monday. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $83.35. The stock has a market cap of $10.42 billion, a price-to-earnings ratio of -140.12 and a beta of 0.71. The stock’s 50 day simple moving average is $63.16 and its two-hundred day simple moving average is $63.80. 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 issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The company had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. As a group, analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 2,707 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $160,091.98. Following the transaction, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at approximately $4,681,285.84. This trade represents a 3.31 % 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, CFO Howard Fu sold 1,500 shares of Procore Technologies stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the transaction, the chief financial officer now owns 171,997 shares in the company, valued at $12,340,784.75. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,695 shares of company stock valued at $6,844,893. 29.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Procore Technologies by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after buying an additional 94,190 shares in the last quarter. XN LP lifted its position in shares of Procore Technologies by 101.1% in the second 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 in the last quarter. Meritage Group LP boosted its stake in shares of Procore Technologies by 66.6% in the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after acquiring an additional 1,098,019 shares during the period. Janus Henderson Group PLC grew its position in shares of Procore Technologies by 128.7% during the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock worth $142,267,000 after purchasing an additional 1,297,151 shares in the last quarter. Finally, Dragoneer Investment Group LLC raised its stake 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 purchasing an additional 1,609,607 shares during the period. Institutional investors 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.