Procore Technologies (NYSE:PCOR) Price Target Raised to $82.00 at Barclays

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price hoisted by equities research analysts at Barclays from $72.00 to $82.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's price objective points to a potential upside of 13.75% from the company's previous close.

A number of other research analysts have also issued reports on PCOR. Scotiabank decreased their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. Arete assumed coverage on Procore Technologies in a report on Monday, June 16th. They issued a "buy" rating and a $91.00 price objective on the stock. BMO Capital Markets reduced their price target on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. KeyCorp reduced their price target on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Piper Sandler reduced their price objective on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and a consensus target price of $81.39.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $72.09 on Monday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The company's 50 day moving average is $68.27 and its 200 day moving average is $70.48. 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 cap of $10.75 billion, a PE ratio of -82.84 and a beta of 0.89.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The business had revenue of $310.63 million for the quarter, compared to analyst estimates of $302.66 million. During the same quarter in the prior year, the firm posted $0.30 EPS. The business's quarterly revenue was up 15.3% compared to the same quarter last year. On average, sell-side analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity at Procore Technologies

In related news, CFO Howard Fu sold 796 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $66.88, for a total value of $53,236.48. Following the completion of the transaction, the chief financial officer directly owned 198,271 shares in the company, valued at approximately $13,260,364.48. This represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $12,485,922.28. Following the transaction, the insider owned 3,137,255 shares of the company's stock, 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. Insiders sold 671,723 shares of company stock valued at $43,802,902 over the last ninety days. Company insiders own 29.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Cooper Investors PTY Ltd. bought a new position in Procore Technologies in the second quarter valued at about $5,030,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Procore Technologies by 13.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,759 shares of the company's stock valued at $640,000 after purchasing an additional 1,057 shares in the last quarter. First Bank & Trust raised its position in Procore Technologies by 7.3% in the 2nd quarter. First Bank & Trust now owns 6,293 shares of the company's stock valued at $431,000 after buying an additional 427 shares during the last quarter. Canandaigua National Trust Co of Florida acquired a new stake in Procore Technologies in the 2nd quarter valued at approximately $231,000. Finally, Parallel Advisors LLC increased its position in shares of Procore Technologies by 7.1% during the 2nd quarter. Parallel Advisors LLC now owns 6,643 shares of the company's stock worth $455,000 after purchasing an additional 440 shares during 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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