Procore Technologies (NYSE:PCOR) Price Target Raised to $81.00 at KeyCorp

Key Points

• Procore Technologies' target price has been raised by KeyCorp from $77.00 to $81.00, indicating a potential upside of 28.57% from its previous close.
• Procore recently reported quarterly earnings of $0.35 per share, exceeding estimates and showing a 13.9% annual revenue increase.
• Institutional investors now hold 81.10% of Procore Technologies' stock, reflecting significant interest and investment in the company.

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price upped by equities research analysts at KeyCorp from $77.00 to $81.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's target price would indicate a potential upside of 28.57% from the company's previous close.

Several other equities analysts also recently commented on the company. DA Davidson upgraded Procore Technologies to a "hold" rating in a research report on Tuesday, July 22nd. BMO Capital Markets increased their target price on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research report on Friday. Scotiabank dropped their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. dropped their target price on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, Piper Sandler increased their target price on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $81.94.

Procore Technologies Price Performance

Shares of PCOR stock opened at $63.00 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The company has a market cap of $9.40 billion, a P/E ratio of -73.36 and a beta of 0.89. The business has a fifty day simple moving average of $69.76 and a 200 day simple moving average of $70.36.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced 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. The business had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. Procore Technologies's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 EPS. On average, sell-side analysts forecast that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the sale, the director owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Howard Fu sold 814 shares of the firm's stock in a transaction that occurred on 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 $14,680,927.95. This represents a 0.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,447 shares of company stock valued at $43,878,843 over the last ninety days. Insiders own 29.00% of the company's stock.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas grew its stake in Procore Technologies by 89.5% in the first quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock valued at $1,318,000 after acquiring an additional 9,428 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Procore Technologies by 66.6% in the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after purchasing an additional 497 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Procore Technologies by 87.4% in the first quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock valued at $854,000 after purchasing an additional 6,038 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Procore Technologies by 4.2% in the first quarter. Amalgamated Bank now owns 7,374 shares of the company's stock valued at $487,000 after purchasing an additional 295 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Procore Technologies by 8.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock valued at $508,000 after purchasing an additional 613 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.

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.