TD Cowen Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price objective boosted by equities research analysts at TD Cowen from $70.00 to $82.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price suggests a potential upside of 6.94% from the company’s previous close.

Several other research analysts have also issued reports on PCOR. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Macquarie restated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Robert W. Baird started coverage on Procore Technologies in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 price target for the company. JMP Securities reduced their price objective on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. Finally, BMO Capital Markets upped their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research note 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’s stock. According to MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Performance

Procore Technologies stock opened at $76.68 on Friday. The company has a market cap of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $83.35. The company’s 50-day moving average is $64.19 and its two-hundred day moving average is $63.94.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The business had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Equities analysts anticipate that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 770,458 shares of the company’s stock, valued at approximately $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the business’s stock in a transaction dated 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 in the company, valued at $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 worth $7,426,909. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PCOR. Dragoneer Investment Group LLC grew its stake in shares of Procore Technologies by 254.0% in the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after buying an additional 1,609,607 shares in the last quarter. Wasatch Advisors LP lifted its stake in Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after acquiring an additional 1,575,534 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Procore Technologies in the 3rd quarter valued at about $88,572,000. XN LP increased its stake in shares of Procore Technologies by 101.1% during the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after purchasing an additional 1,411,812 shares during the last quarter. Finally, PointState Capital LP bought a new stake in shares of Procore Technologies in the 3rd quarter valued at about $81,306,000. Institutional investors own 81.10% of the company’s stock.

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.