Procore Technologies (NYSE:PCOR) Price Target Raised to $83.00

Procore Technologies (NYSE:PCOR) had its target price boosted by Canaccord Genuity Group from $67.00 to $83.00 in a research report report published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other brokerages have also weighed in on PCOR. Macquarie reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a research note on Tuesday, July 30th. JPMorgan Chase & Co. raised their target price on shares of Procore Technologies from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday. The Goldman Sachs Group raised their target price on shares of Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday. Scotiabank decreased their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Finally, JMP Securities decreased their target price on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. Five 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Price Performance

NYSE:PCOR opened at $76.68 on Friday. The stock has a market capitalization of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $83.35. The stock’s 50-day moving average price is $64.19 and its 200-day moving average price is $63.92. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

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, meeting analysts’ consensus estimates of ($0.11). The firm had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. As a group, equities analysts expect that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction on Thursday, November 21st. The stock was 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 of the company’s stock, valued at $54,979,882.88. This represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total value of $1,061,250.00. Following the completion of the transaction, the senior vice president now directly owns 75,120 shares in the company, valued at $5,314,740. This trade represents a 16.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,053 shares of company stock valued at $7,426,909. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently bought and sold shares of PCOR. GAMMA Investing LLC boosted its stake in Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Procore Technologies in the third quarter valued at $26,000. Signaturefd LLC boosted its stake in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after acquiring an additional 216 shares in the last quarter. International Assets Investment Management LLC boosted 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 buying an additional 789 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of Procore Technologies during the second quarter worth about $51,000. 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.