Procore Technologies (NYSE:PCOR) Price Target Raised to $85.00

Procore Technologies (NYSE:PCOR) had its price objective increased by BMO Capital Markets from $71.00 to $85.00 in a report published on Friday, Marketbeat reports. The firm currently has an outperform rating on the stock.

A number of other analysts also recently issued reports on the stock. Piper Sandler lifted their price target on shares of Procore Technologies from $63.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Scotiabank cut their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Robert W. Baird initiated coverage on Procore Technologies in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 target price on the stock. Stifel Nicolaus cut their price target on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $60.00 price objective on shares of Procore Technologies in a research note on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Stock Performance

NYSE PCOR opened at $76.68 on Friday. 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 has a twelve month low of $49.46 and a twelve month high of $83.35. The business has a 50-day moving average price of $64.19 and a 200-day moving average price of $63.92. The firm has a market cap of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates 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, equities research analysts predict that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies 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 sale, the chief executive officer now owns 770,458 shares in the company, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the sale, the director now directly owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. This represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 109,053 shares of company stock worth $7,426,909 over the last 90 days. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its stake in Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after acquiring an additional 175 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies in the third quarter valued at approximately $26,000. Signaturefd LLC grew its stake in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Procore Technologies by 6,069.2% during the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after purchasing an additional 789 shares during the period. Finally, Rothschild Investment LLC bought a new stake in Procore Technologies during the 2nd quarter valued at $51,000. Hedge funds and other 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.