JPMorgan Chase & Co. Raises Procore Technologies (NYSE:PCOR) Price Target to $90.00

Procore Technologies (NYSE:PCOR) had its price objective boosted by JPMorgan Chase & Co. from $86.00 to $90.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on PCOR. Piper Sandler dropped their price target on shares of Procore Technologies from $80.00 to $77.00 and set an overweight rating for the company in a research report on Thursday, May 2nd. Barclays cut their target price on Procore Technologies from $83.00 to $78.00 and set an overweight rating on the stock in a research note on Thursday, May 2nd. TD Cowen assumed coverage on Procore Technologies in a research report on Wednesday, June 12th. They set a buy rating and a $85.00 price target for the company. Macquarie initiated coverage on Procore Technologies in a research report on Wednesday, June 5th. They issued a neutral rating and a $70.00 price objective on the stock. Finally, BMO Capital Markets restated an outperform rating and set a $85.00 target price on shares of Procore Technologies in a report on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of Moderate Buy and a consensus price target of $81.19.

Procore Technologies Stock Up 0.1 %

PCOR opened at $68.87 on Tuesday. The company has a market cap of $10.08 billion, a P/E ratio of -71.74 and a beta of 0.75. Procore Technologies has a 12 month low of $48.11 and a 12 month high of $83.35. The business’s 50-day moving average price is $67.16 and its 200-day moving average price is $71.45. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. The business had revenue of $269.43 million for the quarter, compared to analysts’ expectations of $263.13 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. On average, equities analysts expect that Procore Technologies will post -0.35 EPS for the current year.

Insider Buying and Selling

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the sale, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at approximately $36,557,479.53. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the completion of the transaction, the chief executive officer now owns 530,049 shares of the company’s stock, valued at approximately $36,557,479.53. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Howard Fu sold 1,157 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.00, for a total transaction of $75,205.00. Following the completion of the transaction, the chief financial officer now owns 182,561 shares in the company, valued at approximately $11,866,465. The disclosure for this sale can be found here. Insiders have sold 297,554 shares of company stock valued at $20,096,420 over the last quarter. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Northern Trust Corp lifted its position in Procore Technologies by 14.1% during the third quarter. Northern Trust Corp now owns 400,368 shares of the company’s stock valued at $26,152,000 after purchasing an additional 49,587 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Procore Technologies during the 3rd quarter valued at about $5,226,000. JPMorgan Chase & Co. grew its stake in shares of Procore Technologies by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock valued at $309,926,000 after acquiring an additional 114,649 shares during the period. Bullseye Asset Management LLC increased its holdings in Procore Technologies by 100.4% in the 3rd quarter. Bullseye Asset Management LLC now owns 3,993 shares of the company’s stock worth $261,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Advisors Capital Management LLC raised its stake in Procore Technologies by 174.2% during the 3rd quarter. Advisors Capital Management LLC now owns 127,481 shares of the company’s stock worth $8,327,000 after acquiring an additional 80,986 shares during the period. Hedge funds and other institutional investors 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.