Procore Technologies (NYSE:PCOR) Price Target Raised to $82.00

Procore Technologies (NYSE:PCOR) had its price objective increased by equities research analysts at Barclays from $72.00 to $82.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 13.75% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Arete assumed coverage on Procore Technologies in a report on Monday, June 16th. They issued a “buy” rating and a $91.00 price objective for the company. KeyCorp reduced their price objective on Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. cut their target price on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Mizuho cut their target price on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Finally, Piper Sandler dropped their price objective on Procore Technologies from $110.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $81.39.

Procore Technologies Stock Performance

NYSE PCOR opened at $72.09 on Monday. The stock has a fifty day simple moving average of $68.27 and a 200-day simple moving average of $70.48. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The stock has a market cap of $10.75 billion, a PE ratio of -82.84 and a beta of 0.89. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The company had revenue of $310.63 million for the quarter, compared to the consensus estimate of $302.66 million. During the same period last year, the business posted $0.30 EPS. The company’s revenue was up 15.3% on a year-over-year basis. Equities analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,035 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the sale, the director owned 1,154,097 shares of the company’s stock, valued at $83,510,458.92. This represents a 0.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the transaction, the insider owned 3,137,255 shares of the company’s stock, valued at approximately $203,168,633.80. The trade was a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 671,723 shares of company stock worth $43,802,902 in the last ninety days. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Capital World Investors raised its stake in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after purchasing an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Procore Technologies in the fourth quarter worth about $131,840,000. JPMorgan Chase & Co. boosted its holdings in shares of Procore Technologies by 84.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company’s stock valued at $215,195,000 after buying an additional 1,492,869 shares in the last quarter. Champlain Investment Partners LLC bought a new stake in shares of Procore Technologies in the 4th quarter valued at about $105,747,000. Finally, Alliancebernstein L.P. raised its position in shares of Procore Technologies by 474.3% in the 4th quarter. Alliancebernstein L.P. now owns 1,409,499 shares of the company’s stock valued at $105,614,000 after purchasing an additional 1,164,074 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.