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

Procore Technologies (NYSE:PCOR) had its price objective increased by investment analysts at Barclays from $66.00 to $78.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential upside of 1.72% from the company’s previous close.

Several other analysts have also commented on PCOR. BMO Capital Markets increased their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday. Robert W. Baird initiated coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 target price for the company. Macquarie restated a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. JMP Securities reduced their price target on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research report on Thursday, October 31st. Finally, Scotiabank lowered their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Up 1.9 %

Procore Technologies stock opened at $76.68 on Friday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The firm has a market cap of $11.40 billion, a P/E ratio of -153.36 and a beta of 0.71. The business has a fifty day moving average of $64.19 and a two-hundred day moving average of $63.94. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $83.35.

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

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total transaction of $299,885.44. Following the transaction, the director now directly owns 1,360,848 shares in the company, valued at $79,582,391.04. The trade was a 0.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Scott Davis sold 9,671 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $65.00, for a total value of $628,615.00. Following the completion of the sale, the insider now directly owns 192,137 shares of the company’s stock, valued at approximately $12,488,905. This represents a 4.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,053 shares of company stock worth $7,426,909. 29.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Procore Technologies in the third quarter valued at $26,000. Signaturefd LLC lifted its stake in shares of Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Procore Technologies by 6,069.2% during the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after purchasing an additional 789 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of Procore Technologies during the 2nd quarter worth about $51,000. Institutional investors and hedge funds 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.