Procore Technologies (NYSE:PCOR) Given New $85.00 Price Target at Scotiabank

Procore Technologies (NYSE:PCOR) had its target price increased by Scotiabank from $70.00 to $85.00 in a research note published on Friday,Benzinga reports. The firm currently has a sector outperform rating on the stock.

PCOR has been the subject of several other reports. Baird R W raised Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Piper Sandler upped their price objective on Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday. JMP Securities cut their target price on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. DA Davidson restated a “neutral” rating and set a $60.00 price target on shares of Procore Technologies in a research report on Wednesday, October 2nd. Finally, BMO Capital Markets lifted their price objective on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday. Five 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 company’s stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Price Performance

Shares of PCOR opened at $76.68 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market cap of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $83.35. The stock has a 50 day moving average of $64.19 and a 200-day moving average of $63.92.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share 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 company had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. As a group, analysts forecast that Procore Technologies will post -0.23 EPS for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of Procore Technologies stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 770,458 shares in the company, valued at approximately $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Steven Scott Davis sold 7,914 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $564,743.04. Following the sale, the insider now owns 184,223 shares of the company’s stock, valued at $13,146,153.28. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,053 shares of company stock valued at $7,426,909. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently bought and sold shares of PCOR. XN LP boosted its holdings in shares of Procore Technologies by 101.1% in the second 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 period. Meritage Group LP raised its holdings in shares of Procore Technologies by 66.6% during the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock valued at $169,453,000 after acquiring an additional 1,098,019 shares during the period. Janus Henderson Group PLC lifted its position in shares of Procore Technologies by 128.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after acquiring an additional 1,297,151 shares in the last quarter. Dragoneer Investment Group LLC boosted 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 worth $148,762,000 after purchasing an additional 1,609,607 shares during the period. Finally, Holocene Advisors LP grew its position in Procore Technologies by 1.1% during the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock worth $115,623,000 after purchasing an additional 21,234 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.