TD Cowen Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its target price increased by stock analysts at TD Cowen from $70.00 to $82.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 6.94% from the company’s current price.

Other analysts also recently issued reports about the company. Barclays boosted their price target on Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday. Piper Sandler boosted their target price on shares of Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group lifted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, November 18th. Finally, Robert W. Baird began coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Price Performance

Shares of PCOR opened at $76.68 on Friday. The company’s 50-day moving average is $64.19 and its 200-day moving average is $63.94. 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 firm has a market capitalization of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share 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 net margin of 6.59% and a negative return on equity of 2.51%. Equities analysts forecast that Procore Technologies will post -0.23 EPS for the current year.

Insider Activity

In related news, Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares in the company, valued at $79,606,298.24. This trade represents a 0.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 770,458 shares in the company, valued at $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. In the last ninety days, insiders sold 109,053 shares of company stock worth $7,426,909. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its stake 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 buying an additional 175 shares during the period. V Square Quantitative Management LLC bought a new stake in Procore Technologies in the third quarter valued at approximately $26,000. Signaturefd LLC increased its position in Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares during the period. Rothschild Investment LLC bought a new position in Procore Technologies during the 2nd quarter worth approximately $51,000. Finally, International Assets Investment Management LLC lifted its position in shares of Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after purchasing an additional 789 shares during the period. 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.