Barclays Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price target hoisted by Barclays from $66.00 to $78.00 in a research note published on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

PCOR has been the subject of several other research reports. Macquarie reiterated a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. decreased their target price on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Scotiabank decreased their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Finally, TD Cowen raised their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Trading Up 1.9 %

PCOR stock opened at $76.67 on Friday. 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 50 day simple moving average of $64.19 and a 200-day simple moving average of $63.98. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $83.35.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share 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%. As a group, sell-side analysts expect that Procore Technologies will post -0.23 EPS for the current year.

Insider Activity

In other news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’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 value of $1,617,374.40. Following the sale, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Howard Fu sold 1,500 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $71.75, for a total value of $107,625.00. Following the sale, the chief financial officer now owns 171,997 shares in the company, valued at approximately $12,340,784.75. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 109,053 shares of company stock worth $7,426,909. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently bought and sold shares of the business. XN LP grew its position in Procore Technologies by 101.1% during the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after acquiring an additional 1,411,812 shares during the last quarter. Meritage Group LP grew its position in Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after acquiring an additional 1,098,019 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Procore Technologies by 128.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock worth $142,267,000 after buying an additional 1,297,151 shares in the last quarter. Dragoneer Investment Group LLC lifted its holdings in Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after buying an additional 1,609,607 shares in the last quarter. Finally, Holocene Advisors LP lifted its holdings in Procore Technologies by 1.1% during the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock worth $115,623,000 after buying an additional 21,234 shares in 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.