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

Procore Technologies (NYSE:PCOR) had its price target raised by DA Davidson from $60.00 to $70.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

PCOR has been the subject of a number of other reports. Jefferies Financial Group increased 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. TD Cowen increased their price objective on shares of Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Friday. Macquarie reissued a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Stifel Nicolaus increased their target price on shares of Procore Technologies from $70.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday. Finally, The Goldman Sachs Group boosted their price target on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Friday. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Price Performance

Shares of PCOR opened at $80.24 on Friday. The stock has a 50 day simple moving average of $64.64 and a 200 day simple moving average of $64.00. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $83.35. 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 firm has a market capitalization of $11.93 billion, a PE ratio of -160.48 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. Sell-side analysts predict that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total value of $1,061,250.00. Following the completion of the sale, the senior vice president now directly owns 75,120 shares of the company’s stock, valued at $5,314,740. The trade was a 16.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction that occurred on 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 owns 770,458 shares in the company, valued at approximately $54,979,882.88. The trade was a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 109,053 shares of company stock worth $7,426,909 over the last three months. Company insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of large investors have recently modified their holdings of the company. CIBC Asset Management Inc lifted its position in Procore Technologies by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after acquiring an additional 143 shares in the last quarter. Tanager Wealth Management LLP increased its position in shares of Procore Technologies by 1.2% during the 2nd quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after purchasing an additional 150 shares during the last quarter. GAMMA Investing LLC boosted its stake in 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 acquiring an additional 175 shares during the last quarter. Taylor Frigon Capital Management LLC grew its holdings in Procore Technologies by 0.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock valued at $3,570,000 after purchasing an additional 180 shares during the period. Finally, Signaturefd LLC increased its holdings in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the last quarter. 81.10% of the stock is currently 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.