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

Procore Technologies (NYSE:PCOR) had its price target increased by KeyCorp from $68.00 to $85.00 in a report published on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other equities analysts also recently issued reports on PCOR. JPMorgan Chase & Co. dropped their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Barclays lifted their price target on shares of Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday. JMP Securities cut their target price on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a report on Thursday, October 31st. Macquarie reissued a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Finally, BMO Capital Markets increased their price objective on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $76.68 on Friday. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $83.35. The company has a market capitalization of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71. The company has a 50 day simple moving average of $64.19 and a two-hundred day simple moving average of $63.92. 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 released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Analysts expect that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 15,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now owns 75,120 shares in the company, valued at approximately $5,314,740. This represents a 16.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,053 shares of company stock valued at $7,426,909 in the last 90 days. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PCOR. Park Avenue Securities LLC boosted its stake in shares of Procore Technologies by 16.9% during the 2nd quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock worth $580,000 after acquiring an additional 1,266 shares in the last quarter. M&G Plc increased its holdings in shares of Procore Technologies by 12.4% in the second quarter. M&G Plc now owns 120,626 shares of the company’s stock valued at $7,961,000 after purchasing an additional 13,334 shares during the last quarter. Burney Co. purchased a new stake in shares of Procore Technologies in the 1st quarter valued at approximately $1,371,000. SG Americas Securities LLC raised its holdings in Procore Technologies by 118.0% in the 2nd quarter. SG Americas Securities LLC now owns 17,466 shares of the company’s stock valued at $1,158,000 after buying an additional 9,454 shares during the period. Finally, Dragoneer Investment Group LLC increased its holdings in Procore Technologies by 254.0% in 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 last quarter. 81.10% of the stock is currently 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.