Procore Technologies (NYSE:PCOR) Price Target Raised to $84.00

Procore Technologies (NYSE:PCOR) had its price target lifted by Stifel Nicolaus from $70.00 to $84.00 in a report published on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on PCOR. Piper Sandler upped their target price on shares of Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. Barclays raised their target price on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday. JMP Securities reduced their price objective 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. TD Cowen upped their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. boosted 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. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Stock Performance

Shares of PCOR opened at $76.68 on Friday. The firm has a market cap of $11.40 billion, a P/E ratio of -153.36 and a beta of 0.71. 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 has a twelve month low of $49.46 and a twelve month high of $83.35. The firm’s 50 day moving average price is $64.19 and its two-hundred day moving average price is $63.92.

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, meeting analysts’ consensus estimates of ($0.11). The company 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%. On average, analysts forecast that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Activity

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the sale, the chief executive officer now directly owns 770,458 shares of the company’s stock, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. This represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,053 shares of company stock valued at $7,426,909. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. XN LP boosted its stake in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after buying an additional 1,411,812 shares during the last quarter. Meritage Group LP boosted its holdings 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 valued at $169,453,000 after purchasing an additional 1,098,019 shares during the period. Janus Henderson Group PLC increased its position in Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after purchasing an additional 1,297,151 shares during the period. Dragoneer Investment Group LLC lifted its stake in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. Finally, Holocene Advisors LP boosted its stake in Procore Technologies by 1.1% in the third quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock valued at $115,623,000 after acquiring an additional 21,234 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.