Stifel Nicolaus Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective lifted by analysts at Stifel Nicolaus from $70.00 to $84.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 10.40% from the stock’s current price.

A number of other brokerages have also weighed in on PCOR. Macquarie reiterated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. Robert W. Baird assumed coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 price target for the company. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. TD Cowen boosted their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, KeyCorp increased their price target on Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $76.75.

Procore Technologies Stock Up 1.1 %

Shares of PCOR traded up $0.86 during mid-day trading on Friday, hitting $76.09. 582,998 shares of the company’s stock were exchanged, compared to its average volume of 1,579,401. The company has a 50-day simple moving average of $63.82 and a 200 day simple moving average of $63.92. The company has a market cap of $11.31 billion, a PE ratio of -151.58 and a beta of 0.71. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The firm had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. On average, research analysts forecast that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the sale, the senior vice president now owns 75,120 shares of the company’s stock, valued at $5,314,740. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. This represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,997 shares of company stock worth $4,497,153 in the last 90 days. 29.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in PCOR. 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 valued at $25,000 after buying an additional 175 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Procore Technologies in the third quarter valued at approximately $26,000. Signaturefd LLC increased its position in 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 period. International Assets Investment Management LLC raised its stake in Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after purchasing an additional 789 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new position in Procore Technologies during the second quarter valued at approximately $51,000. 81.10% of the stock is currently 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.