Procore Technologies (NYSE:PCOR) Price Target Raised to $78.00

Procore Technologies (NYSE:PCOR) had its price objective increased by Barclays from $66.00 to $78.00 in a research report sent to investors on Friday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Stifel Nicolaus cut their price objective on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Scotiabank cut their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Finally, Jefferies Financial Group lifted their price objective on Procore Technologies from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, November 18th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Price Performance

NYSE PCOR opened at $76.68 on Friday. The business’s fifty day moving average is $64.19 and its two-hundred day moving average is $63.92. The stock has a market capitalization of $11.40 billion, a P/E ratio of -153.36 and a beta of 0.71. 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 1 year low of $49.46 and a 1 year high of $83.35.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The business 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 forecast that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the transaction, the senior vice president now directly owns 75,120 shares in the company, valued at approximately $5,314,740. The trade was a 16.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction 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 completion of the sale, the director now owns 1,371,104 shares in the company, 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. Over the last three months, insiders have sold 109,053 shares of company stock worth $7,426,909. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. raised its stake in shares of Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. 1832 Asset Management L.P. acquired a new stake in Procore Technologies during the 1st quarter worth approximately $5,177,000. Bamco Inc. NY boosted its position in shares of Procore Technologies by 756.8% in the first quarter. Bamco Inc. NY now owns 499,559 shares of the company’s stock valued at $41,049,000 after acquiring an additional 441,256 shares during the period. Untitled Investments LP bought a new stake in Procore Technologies in the 1st quarter valued at about $1,336,000. Finally, Silvercrest Asset Management Group LLC lifted its position in shares of Procore Technologies by 1.7% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 29,152 shares of the company’s stock valued at $2,395,000 after acquiring an additional 495 shares during the period. 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.