Procore Technologies (NYSE:PCOR) Price Target Raised to $70.00

Procore Technologies (NYSE:PCOR) had its target price boosted by TD Cowen from $65.00 to $70.00 in a research note released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms also recently weighed in on PCOR. Robert W. Baird assumed coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target for the company. Barclays upped their price objective on shares of Procore Technologies from $54.00 to $64.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Scotiabank dropped their price objective on shares of 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. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $60.00 price objective on shares of Procore Technologies in a research note on Wednesday, October 2nd. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.81.

Procore Technologies Stock Down 1.4 %

PCOR opened at $62.58 on Monday. Procore Technologies has a twelve month low of $48.11 and a twelve month high of $83.35. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The company has a 50-day moving average price of $59.86 and a 200 day moving average price of $63.93. The company has a market cap of $9.24 billion, a PE ratio of -99.33 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same quarter in the prior year, the firm earned ($0.28) EPS. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. Sell-side analysts expect that Procore Technologies will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $1,359,806.02. Following the transaction, the chief executive officer now directly owns 793,123 shares in the company, valued at approximately $46,905,294.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 3,846 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total transaction of $206,337.90. Following the sale, the director now directly owns 1,444,313 shares in the company, valued at $77,487,392.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the sale, the chief executive officer now owns 793,123 shares in the company, valued at approximately $46,905,294.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,748 shares of company stock worth $5,661,056. 29.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in the business. Tanager Wealth Management LLP lifted its holdings in Procore Technologies by 1.2% during the 2nd quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock worth $834,000 after buying an additional 150 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Procore Technologies by 76.4% during the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after buying an additional 175 shares in the last quarter. Taylor Frigon Capital Management LLC raised its holdings in shares of Procore Technologies by 0.3% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock valued at $3,570,000 after purchasing an additional 180 shares in the last quarter. Signaturefd LLC lifted its position in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after purchasing an additional 260 shares in the last quarter. 81.10% of the stock is currently 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.