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

Procore Technologies (NYSE:PCOR) had its target price raised by Barclays from $84.00 to $90.00 in a report released on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also recently weighed in on PCOR. BMO Capital Markets upped their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. DA Davidson upped their price target on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. UBS Group started coverage on shares of Procore Technologies in a report on Monday, December 2nd. They issued a “buy” rating and a $105.00 price target for the company. KeyCorp upped their price target on shares of Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Canaccord Genuity Group increased their target price on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $89.65.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $87.48 on Friday. The firm has a 50 day moving average price of $77.63 and a 200 day moving average price of $68.62. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $87.90.

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

Insiders Place Their Bets

In other news, insider Steven Scott Davis sold 7,914 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $564,743.04. Following the transaction, the insider now directly owns 184,223 shares of the company’s stock, valued at $13,146,153.28. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of the stock in a transaction dated Thursday, November 21st. The shares were 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. The trade was a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 114,656 shares of company stock valued at $8,776,297. 29.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently modified their holdings of PCOR. AQR Capital Management LLC bought a new position in shares of Procore Technologies in the second quarter valued at about $271,000. GAMMA Investing LLC raised its position in shares of 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 purchasing an additional 175 shares during the period. Creative Planning bought a new position in shares of Procore Technologies in the third quarter valued at about $234,000. Ellsworth Advisors LLC raised its position in shares of Procore Technologies by 9.1% in the third quarter. Ellsworth Advisors LLC now owns 7,561 shares of the company’s stock valued at $467,000 after purchasing an additional 631 shares during the period. Finally, V Square Quantitative Management LLC bought a new position in shares of Procore Technologies in the third quarter valued at about $26,000. 81.10% of the stock is 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.