JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price objective hoisted by JPMorgan Chase & Co. from $75.00 to $85.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently issued reports on PCOR. Barclays boosted their target price on Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday. DA Davidson restated a “neutral” rating and issued a $60.00 price target on shares of Procore Technologies in a report on Wednesday, October 2nd. KeyCorp upped their price target on Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Piper Sandler upped their price target on Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday. Finally, JMP Securities lowered their price target on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $80.24 on Friday. The stock has a market capitalization of $11.93 billion, a PE ratio of -160.48 and a beta of 0.71. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $83.35. The stock’s 50-day moving average price is $64.64 and its 200 day moving average price is $64.00. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. As a group, equities research analysts forecast that Procore Technologies will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 7,809 shares of Procore Technologies stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $557,250.24. Following the transaction, the chief financial officer now directly owns 164,188 shares in the company, valued at approximately $11,716,455.68. The trade was a 4.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of Procore Technologies stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total transaction of $521,030.44. Following the transaction, the director now owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. The trade was a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,053 shares of company stock worth $7,426,909. 29.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently modified their holdings of the stock. Synovus Financial Corp raised its holdings in Procore Technologies by 24.3% in the 3rd 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 period. Tidal Investments LLC raised its holdings in Procore Technologies by 237.8% in the 3rd quarter. Tidal Investments LLC now owns 17,538 shares of the company’s stock worth $1,082,000 after acquiring an additional 12,346 shares during the period. Sanctuary Advisors LLC bought a new position in Procore Technologies in the 3rd quarter worth $227,000. Coldstream Capital Management Inc. bought a new position in Procore Technologies in the 3rd quarter worth $235,000. Finally, Geode Capital Management LLC raised its holdings in Procore Technologies by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after acquiring an additional 168,769 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.