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

Procore Technologies (NYSE:PCOR) had its target price upped by JPMorgan Chase & Co. from $86.00 to $90.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the stock. DA Davidson restated a buy rating and set a $95.00 target price on shares of Procore Technologies in a report on Thursday, March 14th. TD Cowen assumed coverage on Procore Technologies in a research note on Wednesday, June 12th. They set a buy rating and a $85.00 price objective for the company. Mizuho reissued a neutral rating and set a $70.00 price objective (down from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Barclays decreased their target price on Procore Technologies from $83.00 to $78.00 and set an overweight rating for the company in a research report on Thursday, May 2nd. Finally, Macquarie began coverage on shares of Procore Technologies in a research report on Wednesday, June 5th. They set a neutral rating and a $70.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $81.19.

Procore Technologies Trading Up 1.2 %

Shares of PCOR stock opened at $68.82 on Tuesday. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of -71.69 and a beta of 0.75. Procore Technologies has a twelve month low of $48.11 and a twelve month high of $83.35. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $67.19 and a 200 day moving average price of $71.44.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The firm had revenue of $269.43 million for the quarter, compared to the consensus estimate of $263.13 million. Research analysts forecast that Procore Technologies will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the transaction, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP William Fred Fleming, Jr. sold 3,188 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $70.17, for a total transaction of $223,701.96. Following the completion of the sale, the senior vice president now owns 87,248 shares in the company, valued at approximately $6,122,192.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The disclosure for this sale can be found here. Insiders sold 297,554 shares of company stock valued at $20,096,420 in the last quarter. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Procore Technologies by 1.0% in the first quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock worth $764,111,000 after acquiring an additional 94,190 shares during the last quarter. JPMorgan Chase & Co. grew its position in Procore Technologies by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock worth $309,926,000 after purchasing an additional 114,649 shares during the last quarter. Cadian Capital Management LP increased its holdings in shares of Procore Technologies by 22.9% during the 4th quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock worth $257,384,000 after purchasing an additional 692,218 shares during the period. Cerity Partners LLC raised its position in shares of Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after buying an additional 1,303,804 shares during the last quarter. Finally, Meritage Group LP bought a new stake in shares of Procore Technologies in the first quarter valued at about $106,738,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.