Canaccord Genuity Group Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price target raised by investment analysts at Canaccord Genuity Group from $83.00 to $97.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 10.88% from the company’s previous close.

A number of other research firms also recently issued reports on PCOR. Jefferies Financial Group upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating and lifted their price objective for the company from $80.00 to $100.00 in a report on Monday, January 6th. KeyCorp lifted their price objective on shares of Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Piper Sandler lifted their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Friday. Scotiabank boosted their target price on shares of Procore Technologies from $70.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday, November 22nd. Finally, Stifel Nicolaus boosted their target price on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.65.

Procore Technologies Stock Performance

Shares of PCOR opened at $87.48 on Friday. 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 $87.90. The firm’s 50 day moving average price is $77.63 and its two-hundred day moving average price is $68.60. The firm has a market cap of $13.01 billion, a P/E ratio of -174.96 and a beta of 0.84.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The business had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. On average, analysts forecast that Procore Technologies will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, CFO Howard Fu sold 7,809 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $557,250.24. Following the completion of the sale, the chief financial officer now owns 164,188 shares of the company’s stock, valued at approximately $11,716,455.68. The trade was a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $190,388.48. Following the completion of the sale, the senior vice president now directly owns 72,605 shares of the company’s stock, valued at approximately $5,181,092.80. The trade was a 3.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 114,656 shares of company stock worth $8,776,297 over the last ninety days. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently modified their holdings of PCOR. AQR Capital Management LLC bought a new stake in shares of Procore Technologies in the second quarter valued at about $271,000. GAMMA Investing LLC boosted its position in shares of 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 during the period. Creative Planning bought a new stake in shares of Procore Technologies in the third quarter valued at about $234,000. Ellsworth Advisors LLC boosted its position in shares of Procore Technologies by 9.1% in the third quarter. Ellsworth Advisors LLC now owns 7,561 shares of the company’s stock valued at $467,000 after acquiring an additional 631 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in Procore Technologies during the third quarter worth about $26,000. 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.