JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price target hoisted by JPMorgan Chase & Co. from $75.00 to $85.00 in a research note published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

PCOR has been the topic of a number of other reports. TD Cowen boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, October 28th. KeyCorp upped their target price on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday. Macquarie reiterated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Scotiabank reduced their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Stifel Nicolaus reduced their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Performance

NYSE:PCOR opened at $80.24 on Friday. The firm’s 50-day moving average is $64.64 and its 200-day moving average is $64.00. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $83.35. 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 cap of $11.93 billion, a price-to-earnings ratio of -160.48 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. Equities research analysts anticipate that Procore Technologies will post -0.23 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP William Fred Fleming, Jr. sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total value of $1,061,250.00. Following the sale, the senior vice president now directly owns 75,120 shares of the company’s stock, valued at approximately $5,314,740. This represents a 16.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the transaction, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 109,053 shares of company stock valued at $7,426,909 in the last ninety days. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PCOR. GAMMA Investing LLC raised its holdings in Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after buying an additional 175 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Procore Technologies during the third quarter worth $26,000. Signaturefd LLC raised its holdings in Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Procore Technologies by 6,069.2% during the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after buying an additional 789 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new position in Procore Technologies during the second quarter worth $51,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Procore Technologies

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.