Canaccord Genuity Group Increases Procore Technologies (NYSE:PCOR) Price Target to $97.00

Procore Technologies (NYSE:PCOR) had its price target lifted by equities research analysts at Canaccord Genuity Group from $83.00 to $97.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 17.54% from the stock’s current price.

Other analysts have also issued reports about the company. Jefferies Financial Group raised Procore Technologies from a “hold” rating to a “buy” rating and raised their price objective for the company from $80.00 to $100.00 in a research note on Monday, January 6th. Stifel Nicolaus raised their price objective on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. KeyCorp raised their price objective on Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. JMP Securities reaffirmed a “market outperform” rating and issued a $90.00 price objective on shares of Procore Technologies in a research note on Friday, February 7th. Finally, Piper Sandler raised their price objective on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $88.00.

Procore Technologies Stock Up 9.9 %

PCOR stock opened at $82.53 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market capitalization of $12.27 billion, a price-to-earnings ratio of -165.05 and a beta of 0.84. The business’s fifty day moving average price is $77.54 and its two-hundred day moving average price is $68.50. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $86.67.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. On average, equities analysts anticipate that Procore Technologies will post -0.22 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 2,668 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $190,388.48. Following the completion of the transaction, the senior vice president now directly owns 72,605 shares in the company, valued at $5,181,092.80. This trade represents a 3.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $1,617,374.40. Following the transaction, the chief executive officer now owns 770,458 shares of the company’s stock, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 114,656 shares of company stock worth $8,776,297 over the last ninety days. 29.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp increased its holdings in Procore Technologies by 8.9% in the fourth quarter. Stifel Financial Corp now owns 128,938 shares of the company’s stock worth $9,661,000 after purchasing an additional 10,491 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Procore Technologies by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company’s stock worth $407,000 after purchasing an additional 225 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in Procore Technologies in the fourth quarter worth approximately $738,000. TFJ Management LLC bought a new stake in Procore Technologies in the fourth quarter worth approximately $5,265,000. Finally, MML Investors Services LLC increased its holdings in Procore Technologies by 187.1% in the fourth quarter. MML Investors Services LLC now owns 18,488 shares of the company’s stock worth $1,385,000 after purchasing an additional 12,048 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.