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

Procore Technologies (NYSE:PCOR) had its price target raised by research analysts at JPMorgan Chase & Co. from $75.00 to $85.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 10.85% from the stock’s current price.

PCOR has been the subject of a number of other research reports. Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group lifted their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. Macquarie reissued a “neutral” rating and issued a $70.00 price objective on shares of Procore Technologies in a report on Tuesday, July 30th. Piper Sandler lifted their target price on Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday. Finally, BMO Capital Markets increased their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Stock Up 1.9 %

Procore Technologies stock opened at $76.68 on Friday. The business has a fifty day moving average price of $64.19 and a 200-day moving average price of $63.94. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $83.35. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

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, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Equities research analysts forecast that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $5,314,740. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $71.04, for a total transaction of $876,633.60. Following the transaction, the insider now directly owns 2,284,989 shares in the company, valued at approximately $162,325,618.56. The trade was a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,053 shares of company stock valued at $7,426,909. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc lifted its position in shares of Procore Technologies by 3.5% in the third 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 lifted its holdings in Procore Technologies by 1.2% in 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 in the last quarter. GAMMA Investing LLC grew its holdings in shares of Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after buying an additional 175 shares in the last quarter. Taylor Frigon Capital Management LLC raised its position in shares of Procore Technologies by 0.3% in the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock valued at $3,570,000 after buying an additional 180 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.