Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, TD Cowen Analyst Says

Procore Technologies (NYSE:PCOR) had its target price increased by TD Cowen from $70.00 to $82.00 in a research report report published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts also recently issued research reports about the company. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group raised their price objective on Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday. Jefferies Financial Group raised their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. DA Davidson reiterated a “neutral” rating and issued a $60.00 price objective on shares of Procore Technologies in a research report on Wednesday, October 2nd. Finally, BMO Capital Markets raised their target price on Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $80.24 on Friday. The business has a 50 day moving average price of $64.64 and a 200 day moving average price of $64.00. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $83.35. The company has a market cap of $11.93 billion, a price-to-earnings ratio of -160.48 and a beta of 0.71. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data 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 return on equity of 2.51% and a negative net margin of 6.59%. The company had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Research analysts predict that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Activity at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 15,000 shares of Procore Technologies stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total value of $1,061,250.00. Following the completion of the sale, the senior vice president now directly owns 75,120 shares of the company’s stock, valued at approximately $5,314,740. This trade represents a 16.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of Procore Technologies stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $71.04, for a total value of $876,633.60. Following the completion of the sale, the insider now directly owns 2,284,989 shares of the company’s stock, valued at $162,325,618.56. This trade represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 109,053 shares of company stock valued at $7,426,909 in the last three months. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Synovus Financial Corp increased its stake in shares of Procore Technologies by 24.3% in the 3rd quarter. Synovus Financial Corp now owns 6,465 shares of the company’s stock valued at $399,000 after buying an additional 1,262 shares during the period. Tidal Investments LLC grew its stake in shares of Procore Technologies by 237.8% during the third quarter. Tidal Investments LLC now owns 17,538 shares of the company’s stock worth $1,082,000 after purchasing an additional 12,346 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Procore Technologies during the third quarter worth $227,000. Coldstream Capital Management Inc. acquired a new stake in shares of Procore Technologies during the third quarter worth $235,000. Finally, Geode Capital Management LLC grew its stake in shares of Procore Technologies by 10.9% during the third quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after purchasing an additional 168,769 shares during the period. 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.