Stifel Nicolaus Increases Procore Technologies (NYSE:PCOR) Price Target to $93.00

Procore Technologies (NYSE:PCOR) had its price target increased by equities research analysts at Stifel Nicolaus from $84.00 to $93.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ target price indicates a potential upside of 23.21% from the company’s current price.

PCOR has been the subject of a number of other reports. Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Canaccord Genuity Group lifted their price objective on Procore Technologies from $67.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. JMP Securities increased their target price on Procore Technologies from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Monday, December 2nd. Barclays raised their target price on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.24.

Procore Technologies Price Performance

NYSE PCOR opened at $75.48 on Wednesday. Procore Technologies has a one year low of $49.46 and a one year high of $86.67. The stock has a 50-day moving average of $72.18 and a 200 day moving average of $65.56. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of -150.96 and a beta of 0.82.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $287.42 million. On average, sell-side analysts forecast that Procore Technologies will post -0.23 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.07, for a total transaction of $318,294.96. Following the sale, the director now directly owns 1,355,720 shares of the company’s stock, valued at $84,149,540.40. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the business’s stock in a transaction dated 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 in the company, valued at $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 141,193 shares of company stock valued at $10,364,826 over the last 90 days. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates boosted its holdings in shares of Procore Technologies by 1.2% during the 2nd quarter. Raymond James & Associates now owns 46,596 shares of the company’s stock valued at $3,090,000 after purchasing an additional 544 shares during the last quarter. Tanager Wealth Management LLP boosted its stake in Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after buying an additional 150 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Procore Technologies by 30.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 512,574 shares of the company’s stock valued at $33,989,000 after buying an additional 120,199 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Procore Technologies by 12.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 858,817 shares of the company’s stock worth $56,948,000 after acquiring an additional 92,526 shares during the last quarter. Finally, Burney Co. increased its stake in Procore Technologies by 257.6% in the 2nd quarter. Burney Co. now owns 59,664 shares of the company’s stock worth $3,956,000 after acquiring an additional 42,980 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other 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.