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

Procore Technologies (NYSE:PCOR) had its price target lifted by TD Cowen from $70.00 to $82.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

PCOR has been the subject of a number of other reports. KeyCorp upped their price objective on Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Scotiabank decreased their price target on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Macquarie reissued a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. increased their price target on Procore Technologies from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $80.24 on Friday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $83.35. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of -160.48 and a beta of 0.71. The business has a 50 day simple moving average of $64.64 and a 200-day simple moving average of $64.00.

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, meeting 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 business had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. As a group, equities research analysts expect that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 7,809 shares of the company’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 $557,250.24. Following the transaction, the chief financial officer now directly owns 164,188 shares of the company’s stock, valued at $11,716,455.68. This represents a 4.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 109,053 shares of company stock valued at $7,426,909. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PCOR. Dragoneer Investment Group LLC increased 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 valued at $148,762,000 after acquiring an additional 1,609,607 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after acquiring an additional 1,575,534 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Procore Technologies during the 3rd quarter valued at about $88,572,000. XN LP increased 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 valued at $186,215,000 after acquiring an additional 1,411,812 shares during the last quarter. Finally, PointState Capital LP acquired a new position in shares of Procore Technologies during the 3rd quarter valued at about $81,306,000. 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.