Procore Technologies (NYSE:PCOR) Price Target Raised to $90.00

Procore Technologies (NYSE:PCOR) had its price objective boosted by equities research analysts at Piper Sandler from $70.00 to $90.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 20.05% from the stock’s current price.

A number of other research analysts have also commented on PCOR. Stifel Nicolaus decreased their price objective on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. The Goldman Sachs Group cut their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Macquarie reiterated a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. Finally, DA Davidson reiterated a “neutral” rating and set a $60.00 target price on shares of Procore Technologies in a research report on Wednesday, October 2nd. Five research 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.38.

Procore Technologies Price Performance

Shares of PCOR stock opened at $74.97 on Friday. The stock’s fifty day moving average is $63.82 and its 200-day moving average is $63.92. 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 52 week low of $49.46 and a 52 week high of $83.35. The stock has a market capitalization of $11.15 billion, a PE ratio of -149.94 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last posted 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 firm had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Equities research analysts expect that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $70.47, for a total value of $361,370.16. Following the sale, the director now directly owns 1,335,208 shares of the company’s stock, valued at approximately $94,092,107.76. The trade was a 0.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 1,500 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $71.75, for a total value of $107,625.00. Following the transaction, the chief financial officer now owns 171,997 shares of the company’s stock, valued at approximately $12,340,784.75. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,997 shares of company stock valued at $4,497,153. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PCOR. Dragoneer Investment Group LLC lifted 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 valued at $148,762,000 after acquiring an additional 1,609,607 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of 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 purchasing an additional 1,575,534 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Procore Technologies during the 3rd quarter worth about $88,572,000. XN LP boosted 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 buying an additional 1,411,812 shares during the last quarter. Finally, PointState Capital LP bought a new position in shares of Procore Technologies in the 3rd quarter valued at about $81,306,000. 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.