DA Davidson Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its target price boosted by analysts at DA Davidson from $60.00 to $70.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price target points to a potential downside of 8.71% from the company’s previous close.

PCOR has been the subject of a number of other reports. JMP Securities reduced their price objective 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. KeyCorp raised their price target on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday. BMO Capital Markets upped their price objective on Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday. The Goldman Sachs Group raised their target price on Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Piper Sandler upped their price target on Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday. Five 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 company. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Trading Up 1.9 %

Shares of PCOR opened at $76.68 on Friday. The stock’s 50-day moving average price is $64.19 and its 200 day moving average price is $63.94. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $83.35.

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 analysts’ consensus estimates 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%. As a group, research analysts predict that Procore Technologies will post -0.23 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,314,740. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 approximately $79,606,298.24. This trade represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 109,053 shares of company stock valued at $7,426,909. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently made changes to their positions in PCOR. Coldstream Capital Management Inc. bought a new position in Procore Technologies during the 3rd quarter worth approximately $235,000. Geode Capital Management LLC boosted its position in shares of Procore Technologies by 10.9% during the third quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after purchasing an additional 168,769 shares in the last quarter. Bullseye Asset Management LLC grew its holdings in shares of Procore Technologies by 50.0% in the 3rd quarter. Bullseye Asset Management LLC now owns 14,993 shares of the company’s stock valued at $925,000 after buying an additional 5,000 shares during the period. M&T Bank Corp bought a new stake in shares of Procore Technologies in the 3rd quarter valued at $250,000. Finally, Barclays PLC raised its stake in Procore Technologies by 49.1% during the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after buying an additional 22,734 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

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.