Procore Technologies (NYSE:PCOR) Given New $80.00 Price Target at Stifel Nicolaus

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 - Free Report) had its price objective increased by Stifel Nicolaus from $75.00 to $80.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also weighed in on PCOR. Citizens Jmp lowered Procore Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday. Arete started coverage on Procore Technologies in a research report on Monday, June 16th. They set a "buy" rating and a $91.00 price objective for the company. JMP Securities reissued a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a report on Friday. KeyCorp upped their price objective on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Robert W. Baird increased their price target on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Procore Technologies Trading Up 0.9%

Shares of PCOR stock traded up $0.55 during trading hours on Friday, reaching $63.54. The company's stock had a trading volume of 2,420,331 shares, compared to its average volume of 1,408,680. The stock has a market capitalization of $9.48 billion, a P/E ratio of -66.07 and a beta of 0.90. Procore Technologies has a one year low of $51.65 and a one year high of $88.92. The firm's fifty day simple moving average is $69.57 and its 200 day simple moving average is $70.07. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The firm had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. During the same period last year, the company earned $0.39 EPS. The business's quarterly revenue was up 13.9% compared to the same quarter last year. Equities research analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 1,390 shares of Procore Technologies stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $75.00, for a total transaction of $104,250.00. Following the completion of the sale, the insider owned 96,167 shares of the company's stock, valued at approximately $7,212,525. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Howard Fu sold 814 shares of Procore Technologies stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $74.35, for a total value of $60,520.90. Following the sale, the chief financial officer directly owned 197,457 shares of the company's stock, valued at approximately $14,680,927.95. This represents a 0.41% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

A number of large investors have recently bought and sold shares of PCOR. JPMorgan Chase & Co. increased its stake in Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after buying an additional 1,492,869 shares in the last quarter. Capital World Investors grew its position in Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after acquiring an additional 2,555,612 shares during the period. Principal Financial Group Inc. lifted its stake in Procore Technologies by 3.1% during the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock worth $182,365,000 after purchasing an additional 82,311 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Procore Technologies by 14.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock worth $196,873,000 after purchasing an additional 322,367 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Procore Technologies by 25.6% in the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock valued at $145,954,000 after acquiring an additional 451,238 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.