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

Key Points

• Mizuho has raised its price target for Procore Technologies (NYSE:PCOR) from $65.00 to $70.00, indicating a potential upside of 10.65% based on the stock's previous close.
• Procore Technologies' stock recently fell by 11.7%, trading at $63.26, despite showing a 13.9% year-over-year revenue increase of $323.92 million.
• Currently, Procore Technologies holds a consensus rating of "Moderate Buy" from analysts, with an average price target of $82.50.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price target raised by equities researchers at Mizuho from $65.00 to $70.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Mizuho's target price indicates a potential upside of 10.65% from the stock's previous close.

A number of other brokerages have also recently weighed in on PCOR. UBS Group reduced their target price on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Robert W. Baird raised their target price on shares of Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday. Barclays upped their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Arete initiated coverage on shares of Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 price target for the company. Finally, KeyCorp upped their price target on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Procore Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $82.50.

Procore Technologies Stock Down 11.7%

PCOR stock traded down $8.37 during trading on Friday, reaching $63.26. The stock had a trading volume of 2,649,999 shares, compared to its average volume of 1,350,756. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $88.92. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $9.44 billion, a P/E ratio of -73.29 and a beta of 0.89. The firm has a fifty day moving average price of $69.76 and a 200 day moving average price of $70.36.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The firm had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. Procore Technologies's quarterly revenue was up 13.9% on a year-over-year basis. On average, equities analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, Director Kathryn Bueker sold 7,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $72.43, for a total value of $507,010.00. Following the transaction, the director directly owned 16,932 shares in the company, valued at approximately $1,226,384.76. This trade represents a 29.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the transaction, the director owned 1,154,097 shares in the company, valued at $83,510,458.92. The trade was a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 672,447 shares of company stock worth $43,878,843 over the last quarter. 29.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its position in Procore Technologies by 277.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock worth $35,000 after purchasing an additional 385 shares during the last quarter. Huntington National Bank grew its position in Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after purchasing an additional 404 shares during the last quarter. SVB Wealth LLC acquired a new stake in Procore Technologies in the 1st quarter worth $49,000. Hilltop National Bank acquired a new stake in Procore Technologies in the 2nd quarter worth $62,000. Finally, Aster Capital Management DIFC Ltd grew its position in Procore Technologies by 181.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock worth $63,000 after purchasing an additional 544 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.