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

Procore Technologies (NYSE:PCOR) had its price target hoisted by Scotiabank from $70.00 to $85.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 10.85% from the company’s current price.

Several other analysts have also issued reports on PCOR. Stifel Nicolaus boosted their target price on Procore Technologies from $70.00 to $84.00 and gave the company a “buy” rating in a research note on Friday. Piper Sandler boosted their price objective on Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday. Canaccord Genuity Group increased their target price on shares of Procore Technologies from $67.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Procore Technologies from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Price Performance

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 firm has a 50-day moving average of $64.19 and a 200 day moving average of $63.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a market cap of $11.40 billion, a P/E ratio of -153.36 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). The firm had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, research analysts expect that Procore Technologies will post -0.23 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 8,974 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now directly owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. This represents a 0.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’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 $1,617,374.40. Following the transaction, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,053 shares of company stock valued at $7,426,909. 29.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PCOR. XN LP grew its stake in shares of Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after buying an additional 1,411,812 shares during the last quarter. Meritage Group LP boosted its holdings in Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock valued at $169,453,000 after acquiring an additional 1,098,019 shares during the period. Janus Henderson Group PLC grew its position in Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock worth $142,267,000 after acquiring an additional 1,297,151 shares during the last quarter. Dragoneer Investment Group LLC increased its stake 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 worth $148,762,000 after purchasing an additional 1,609,607 shares during the period. Finally, Holocene Advisors LP lifted its position in Procore Technologies by 1.1% in the third quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock valued at $115,623,000 after purchasing an additional 21,234 shares during the last quarter. 81.10% of the stock is currently owned by 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.