Procore Technologies (NYSE:PCOR) PT Raised to $90.00

Procore Technologies (NYSE:PCOR) had its price objective upped by research analysts at JPMorgan Chase & Co. from $86.00 to $90.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 31.00% from the stock’s current price.

Several other brokerages also recently weighed in on PCOR. Piper Sandler cut their price target on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Macquarie started coverage on Procore Technologies in a report on Wednesday, June 5th. They issued a “neutral” rating and a $70.00 price objective on the stock. Mizuho reiterated a “neutral” rating and issued a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Canaccord Genuity Group dropped their price objective on Procore Technologies from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, TD Cowen started coverage on Procore Technologies in a report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price objective on the stock. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.19.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $68.70 on Tuesday. The stock’s 50-day moving average is $67.21 and its two-hundred day moving average is $71.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35. The company has a market cap of $10.05 billion, a price-to-earnings ratio of -71.56 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The company had revenue of $269.43 million for the quarter, compared to the consensus estimate of $263.13 million. Analysts forecast that Procore Technologies will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $65.59, for a total transaction of $4,460,120.00. Following the completion of the sale, the chief executive officer now directly owns 527,349 shares of the company’s stock, valued at approximately $34,588,820.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $66.13, for a total value of $132,260.00. Following the completion of the sale, the insider now directly owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $65.59, for a total value of $4,460,120.00. Following the completion of the sale, the chief executive officer now directly owns 527,349 shares of the company’s stock, valued at $34,588,820.91. The disclosure for this sale can be found here. Insiders have sold 297,554 shares of company stock worth $20,096,420 in the last quarter. 29.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Procore Technologies during the fourth quarter worth $68,005,000. Artisan Partners Limited Partnership raised its holdings in Procore Technologies by 81.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock worth $45,200,000 after purchasing an additional 293,613 shares during the last quarter. Eventide Asset Management LLC acquired a new position in Procore Technologies during the fourth quarter worth $3,302,000. CHURCHILL MANAGEMENT Corp acquired a new position in Procore Technologies during the first quarter worth $1,342,000. Finally, GW&K Investment Management LLC acquired a new position in Procore Technologies during the fourth quarter worth $52,130,000. 81.10% of the stock is owned by institutional investors and hedge funds.

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.