Procore Technologies (NYSE:PCOR) Given New $70.00 Price Target at TD Cowen

Procore Technologies (NYSE:PCOR) had its price target hoisted by TD Cowen from $65.00 to $70.00 in a report issued on Monday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently commented on PCOR. The Goldman Sachs Group dropped their price target on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. BMO Capital Markets reduced their price target on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Piper Sandler cut their target price on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Barclays boosted 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. Six investment 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.19.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $61.89 on Monday. The firm has a market cap of $9.14 billion, a price-to-earnings ratio of -98.24 and a beta of 0.73. The stock has a fifty day simple moving average of $59.70 and a two-hundred day simple moving average of $64.01. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35.

Procore Technologies (NYSE:PCOR) last posted 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 return on equity of 4.13% and a negative net margin of 8.54%. The company 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 company earned ($0.28) EPS. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. Analysts anticipate that Procore Technologies will post -0.28 earnings per share for the current year.

Insider Activity

In other Procore Technologies 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 stock was sold at an average price of $59.14, for a total value of $1,359,806.02. Following the completion of the sale, the chief executive officer now owns 793,123 shares of the company’s stock, valued at $46,905,294.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Connor Kevin J. O sold 3,846 shares of Procore Technologies stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total value of $206,337.90. Following the transaction, the director now owns 1,444,313 shares in the company, valued at approximately $77,487,392.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 793,123 shares of the company’s stock, valued at approximately $46,905,294.22. This trade represents a 0.00 % decrease in their position. 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.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently bought and sold shares of the stock. US Bancorp DE grew its holdings in shares of Procore Technologies by 7.9% in the third quarter. US Bancorp DE now owns 18,026 shares of the company’s stock worth $1,113,000 after purchasing an additional 1,322 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in Procore Technologies in the 3rd quarter worth $71,000. Diversify Wealth Management LLC increased its position in shares of Procore Technologies by 11.7% in the third quarter. Diversify Wealth Management LLC now owns 7,607 shares of the company’s stock valued at $469,000 after acquiring an additional 799 shares during the period. Smith Group Asset Management LLC bought a new position in shares of Procore Technologies during the third quarter valued at about $280,000. Finally, Vanderbilt University purchased a new stake in shares of Procore Technologies during the third quarter worth about $2,924,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.