Procore Technologies (NYSE:PCOR) Price Target Raised to $93.00 at Stifel Nicolaus

Procore Technologies (NYSE:PCOR) had its target price upped by Stifel Nicolaus from $84.00 to $93.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on the company. KeyCorp lifted their target price on Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. JMP Securities raised their price target on Procore Technologies from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Monday, December 2nd. Jefferies Financial Group boosted their price objective on Procore Technologies from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. increased their price objective on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Finally, Piper Sandler lifted their target price on shares of Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $84.24.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $76.53 on Wednesday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $86.67. The firm’s 50 day moving average is $72.46 and its two-hundred day moving average is $65.64. The firm has a market capitalization of $11.38 billion, a P/E ratio of -153.06 and a beta of 0.82.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The business had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Research analysts forecast that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Steven Scott Davis sold 9,671 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $65.00, for a total value of $628,615.00. Following the completion of the sale, the insider now owns 192,137 shares in the company, valued at $12,488,905. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 6,410 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.26, for a total transaction of $520,876.60. Following the sale, the director now directly owns 1,269,828 shares in the company, valued at approximately $103,186,223.28. This represents a 0.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 141,193 shares of company stock valued at $10,364,826 over the last ninety days. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Synovus Financial Corp grew its holdings in shares of Procore Technologies by 24.3% in the 3rd quarter. Synovus Financial Corp now owns 6,465 shares of the company’s stock worth $399,000 after acquiring an additional 1,262 shares during the period. Tidal Investments LLC grew its holdings in Procore Technologies by 237.8% in the third quarter. Tidal Investments LLC now owns 17,538 shares of the company’s stock valued at $1,082,000 after purchasing an additional 12,346 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Procore Technologies in the third quarter valued at $227,000. Coldstream Capital Management Inc. purchased a new position in shares of Procore Technologies in the third quarter valued at $235,000. Finally, Geode Capital Management LLC raised its stake in shares of Procore Technologies by 10.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock worth $105,967,000 after buying an additional 168,769 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.