Procore Technologies (NYSE:PCOR) Price Target Raised to $85.00 at Scotiabank

Procore Technologies (NYSE:PCOR) had its price target raised by Scotiabank from $70.00 to $85.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a sector outperform rating on the stock.

Several other equities analysts have also weighed in on the company. Stifel Nicolaus increased their target price on Procore Technologies from $70.00 to $84.00 and gave the company a “buy” rating in a research note on Friday. Barclays lifted their target price on Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday. Baird R W raised Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. lifted their target price on Procore Technologies from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday. Finally, The Goldman Sachs Group lifted their target price on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Price Performance

Shares of PCOR stock opened at $80.24 on Friday. The stock’s fifty day moving average is $64.64 and its 200-day moving average is $64.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. 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.

Procore Technologies (NYSE:PCOR) last announced its 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 company had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. Equities research analysts expect that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the sale, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 1,500 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the sale, the chief financial officer now owns 171,997 shares of the company’s stock, valued at approximately $12,340,784.75. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 109,053 shares of company stock valued at $7,426,909. 29.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently modified their holdings of the business. XN LP raised its holdings in shares of Procore Technologies by 101.1% during the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after buying an additional 1,411,812 shares in the last quarter. Meritage Group LP raised its holdings in shares of Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after buying an additional 1,098,019 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock worth $142,267,000 after buying an additional 1,297,151 shares in the last quarter. Dragoneer Investment Group LLC raised its holdings in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after buying an additional 1,609,607 shares in the last quarter. Finally, Holocene Advisors LP increased its holdings in Procore Technologies by 1.1% in the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock worth $115,623,000 after purchasing an additional 21,234 shares in the last quarter. 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.