Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Procore Technologies (NYSE:PCOR) had its price target boosted by BMO Capital Markets from $71.00 to $85.00 in a research note released on Friday, Marketbeat reports. BMO Capital Markets currently has an outperform rating on the stock.

PCOR has been the topic of several other research reports. Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Barclays lifted their target price on shares of Procore Technologies from $64.00 to $66.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Scotiabank dropped their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Macquarie reiterated a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Trading Up 1.9 %

PCOR stock opened at $76.67 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm’s fifty day moving average is $64.19 and its 200 day moving average is $63.98. Procore Technologies has a one year low of $49.46 and a one year high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, sell-side analysts forecast that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the sale, the chief financial officer now directly owns 171,997 shares of the company’s stock, valued at approximately $12,340,784.75. The trade was a 0.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the completion of the sale, the director now directly owns 1,371,104 shares in the company, valued at $79,606,298.24. This trade represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 109,053 shares of company stock valued at $7,426,909 over the last ninety days. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PCOR. Dragoneer Investment Group LLC raised its stake in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after acquiring an additional 1,609,607 shares during the period. Wasatch Advisors LP grew its holdings in shares of Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after purchasing an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Procore Technologies in the third quarter valued at approximately $88,572,000. XN LP grew its holdings in shares of Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares in the last quarter. Finally, PointState Capital LP acquired a new position in shares of Procore Technologies in the third quarter valued at approximately $81,306,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.