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

Procore Technologies (NYSE:PCOR) had its price target boosted by JPMorgan Chase & Co. from $75.00 to $85.00 in a report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the stock. BMO Capital Markets boosted their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group boosted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, November 18th. JMP Securities lowered 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 research note on Thursday, October 31st. The Goldman Sachs Group reduced their price target on Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, KeyCorp increased their price objective on Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Price Performance

Shares of PCOR stock opened at $76.68 on Friday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $83.35. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $64.19 and a two-hundred day simple moving average of $63.92. The stock has a market capitalization 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 earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share 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 during the quarter, compared to analyst estimates of $287.42 million. On average, analysts predict 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 business’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 transaction, the chief executive officer now directly owns 770,458 shares in the company, valued at $54,979,882.88. The trade was 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 5,128 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the sale, the director now directly owns 1,360,848 shares in the company, valued at approximately $79,582,391.04. The trade was a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 109,053 shares of company stock worth $7,426,909 over the last three months. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its holdings in shares of Procore Technologies by 76.4% during the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after purchasing an additional 175 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Procore Technologies during the third quarter valued at $26,000. Signaturefd LLC increased its holdings 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 buying an additional 216 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Procore Technologies in the second quarter worth about $51,000. Finally, International Assets Investment Management LLC raised its position in shares of Procore Technologies by 6,069.2% in the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after acquiring an additional 789 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

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.