Barclays Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its target price hoisted by Barclays from $66.00 to $78.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research analysts also recently weighed in on the company. TD Cowen increased their price target on Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Baird R W raised Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Jefferies Financial Group raised their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, November 18th. Macquarie reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Procore Technologies in a research note on Tuesday, July 30th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $60.00 price objective on shares of Procore Technologies in a research note on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Stock Performance

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

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

Insider Activity

In related news, CFO Howard Fu sold 1,500 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the completion of the sale, the chief financial officer now directly owns 171,997 shares in the company, valued at approximately $12,340,784.75. This trade represents a 0.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the sale, the chief executive officer now owns 770,458 shares of the company’s stock, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 109,053 shares of company stock worth $7,426,909 in the last quarter. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of the stock. CIBC Asset Management Inc lifted its position in Procore Technologies by 3.5% during the third quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock worth $259,000 after acquiring an additional 143 shares during the last quarter. Tanager Wealth Management LLP lifted its position in Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock worth $834,000 after acquiring an additional 150 shares during the last quarter. GAMMA Investing LLC lifted its position in Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after acquiring an additional 175 shares during the last quarter. Taylor Frigon Capital Management LLC lifted its position in Procore Technologies by 0.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock worth $3,570,000 after acquiring an additional 180 shares during the last quarter. Finally, Signaturefd LLC lifted its position in Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.