Procore Technologies (NYSE:PCOR) Given New $93.00 Price Target at Stifel Nicolaus

Procore Technologies (NYSE:PCOR) had its target price boosted by Stifel Nicolaus from $84.00 to $93.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently commented on PCOR. Canaccord Genuity Group upped their price target on shares of Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. lifted their price target on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Piper Sandler increased their price objective on Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Scotiabank lifted their target price on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 22nd. Finally, Jefferies Financial Group increased their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $84.24.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $75.75 on Wednesday. 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 stock has a market capitalization of $11.26 billion, a price-to-earnings ratio of -151.50 and a beta of 0.82. The stock’s fifty day simple moving average is $71.89 and its 200 day simple moving average is $65.49. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $86.67.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share 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 firm had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. As a group, sell-side analysts forecast that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven Scott Davis sold 9,671 shares of Procore Technologies stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $65.00, for a total value of $628,615.00. Following the transaction, the insider now directly owns 192,137 shares in the company, valued at approximately $12,488,905. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 33,332 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total value of $2,730,890.76. Following the transaction, the director now directly owns 1,282,648 shares of the company’s stock, valued at $105,087,350.64. This represents a 2.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 141,193 shares of company stock valued at $10,364,826 over the last three months. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Synovus Financial Corp grew its stake in shares of Procore Technologies by 24.3% in the third quarter. Synovus Financial Corp now owns 6,465 shares of the company’s stock worth $399,000 after acquiring an additional 1,262 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Procore Technologies by 237.8% during the 3rd 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 position in shares of Procore Technologies during the third quarter valued at about $227,000. Coldstream Capital Management Inc. bought a new stake in shares of Procore Technologies in the third quarter valued at about $235,000. Finally, Geode Capital Management LLC grew its position in 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 buying an additional 168,769 shares in the last quarter. 81.10% of the stock is currently 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.