Procore Technologies (NYSE:PCOR) Price Target Raised to $80.00

Key Points

• Procore Technologies' price target was raised by Stifel Nicolaus from $75.00 to $80.00, indicating a potential upside of 26.61% from its previous close.
• The stock is currently rated as a "Moderate Buy" by analysts, with a consensus price target of $82.50, as 13 analysts give it a buy rating and only one a strong buy.
• Procore Technologies reported earnings of $0.35 EPS for the last quarter, exceeding the consensus estimate, and generated revenues of $323.92 million, which is a 13.9% year-over-year increase.

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price upped by equities research analysts at Stifel Nicolaus from $75.00 to $80.00 in a report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Stifel Nicolaus' target price indicates a potential upside of 26.61% from the stock's previous close.

PCOR has been the subject of a number of other research reports. Piper Sandler increased their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. DA Davidson upgraded shares of Procore Technologies to a "hold" rating in a report on Tuesday, July 22nd. BMO Capital Markets increased their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a report on Friday. Finally, KeyCorp increased their price objective on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a report on Friday. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.50.

Procore Technologies Price Performance

Shares of PCOR traded down $8.45 during mid-day trading on Friday, hitting $63.18. 2,649,999 shares of the company were exchanged, 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 debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. The company has a 50 day moving average of $69.76 and a 200-day moving average of $70.36. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of -73.29 and a beta of 0.89.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $311.91 million. During the same quarter in the prior year, the firm earned $0.39 EPS. The company's revenue for the quarter was up 13.9% on a year-over-year basis. Analysts expect that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Activity

In other Procore Technologies news, insider Benjamin C. Singer sold 4,500 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the sale, the insider directly owned 97,557 shares in the company, valued at $7,316,775. This represents a 4.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the sale, the insider owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% 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 in the last three months. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in PCOR. Capital World Investors lifted its holdings in Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Procore Technologies during the 4th quarter worth approximately $131,840,000. JPMorgan Chase & Co. raised its holdings in shares of Procore Technologies by 84.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after purchasing an additional 1,492,869 shares in the last quarter. Champlain Investment Partners LLC acquired a new stake in shares of Procore Technologies in the 4th quarter valued at $105,747,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Procore Technologies by 134.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock valued at $77,901,000 after purchasing an additional 660,726 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.

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