Procore Technologies (NYSE:PCOR) Price Target Raised to $70.00

Procore Technologies (NYSE:PCOR) had its target price lifted by Jefferies Financial Group from $65.00 to $70.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

PCOR has been the subject of a number of other reports. KeyCorp cut their price objective on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Macquarie reaffirmed a “neutral” rating and issued a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. JMP Securities cut their price objective on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a research report on Thursday, October 31st. Stifel Nicolaus cut their price objective on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, BMO Capital Markets cut their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Five 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.25.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $70.26 on Monday. The stock has a 50 day moving average price of $63.46 and a 200 day moving average price of $63.84. 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 stock has a market capitalization of $10.45 billion, a PE ratio of -140.52 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting 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 firm had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Analysts predict that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction 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 sale, the senior vice president now owns 75,120 shares of the company’s stock, valued at approximately $5,314,740. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Howard Fu sold 1,500 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 171,997 shares in the company, valued at approximately $12,340,784.75. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,997 shares of company stock worth $4,497,153 in the last 90 days. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Procore Technologies by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after purchasing an additional 94,190 shares in the last quarter. XN LP boosted 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 in the last quarter. Meritage Group LP boosted 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 valued at $169,453,000 after acquiring an additional 1,098,019 shares in the last quarter. Janus Henderson Group PLC boosted 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 valued at $142,267,000 after acquiring an additional 1,297,151 shares in the last quarter. Finally, Dragoneer Investment Group LLC boosted 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 in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Procore Technologies

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.