Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, KeyCorp Analyst Says

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 - Free Report) had its price objective lifted by KeyCorp from $77.00 to $81.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on PCOR. Barclays increased their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. JPMorgan Chase & Co. dropped their price objective on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. DA Davidson upgraded shares of Procore Technologies to a "hold" rating in a research note on Tuesday, July 22nd. Piper Sandler upped their target price on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Citizens Jmp lowered shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a report on Friday. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Stock Performance

PCOR stock traded up $1.26 on Friday, reaching $64.25. 4,958,653 shares of the company were exchanged, compared to its average volume of 1,426,865. Procore Technologies has a 12 month low of $51.65 and a 12 month high of $88.92. The stock's fifty day moving average price is $69.57 and its 200 day moving average price is $70.07. The firm has a market capitalization of $9.58 billion, a PE ratio of -66.93 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.61%. The company had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same quarter in the prior year, the company posted $0.39 EPS. The business's revenue was up 13.9% on a year-over-year basis. On average, research analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director William J.G. Griffith sold 309,168 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the transaction, the director directly owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the completion of the sale, the insider owned 3,137,255 shares in the company, valued at $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 672,447 shares of company stock worth $43,878,843. Insiders own 29.00% of the company's stock.

Institutional Trading of Procore Technologies

A number of hedge funds have recently modified their holdings of PCOR. Northwestern Mutual Wealth Management Co. raised its position in shares of Procore Technologies by 277.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after acquiring an additional 385 shares during the period. Huntington National Bank raised its position in shares of Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after acquiring an additional 404 shares during the period. SVB Wealth LLC acquired a new stake in shares of Procore Technologies in the 1st quarter valued at approximately $49,000. Hilltop National Bank acquired a new stake in shares of Procore Technologies in the 2nd quarter valued at approximately $62,000. Finally, Aster Capital Management DIFC Ltd raised its position in shares of Procore Technologies by 181.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after acquiring an additional 544 shares during the period. 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.