Procore Technologies (NYSE:PCOR) Price Target Raised to $85.00 at JPMorgan Chase & Co.

Procore Technologies (NYSE:PCOR) had its price objective upped by analysts at JPMorgan Chase & Co. from $75.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 10.85% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Macquarie reiterated a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. DA Davidson reaffirmed a “neutral” rating and set a $60.00 target price on shares of Procore Technologies in a research note on Wednesday, October 2nd. JMP Securities reduced their price target on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. TD Cowen increased their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Stifel Nicolaus decreased their price target on Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Price Performance

Procore Technologies stock opened at $76.68 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a 50-day moving average price of $64.19 and a 200 day moving average price of $63.94. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $83.35. The stock has a market cap of $11.40 billion, a P/E ratio of -153.36 and a beta of 0.71.

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 firm 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%. Sell-side analysts anticipate that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $1,617,374.40. Following the sale, the chief executive officer now directly owns 770,458 shares of the company’s stock, valued at approximately $54,979,882.88. This represents a 2.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the sale, the senior vice president now owns 75,120 shares in the company, valued at $5,314,740. The trade was a 16.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 109,053 shares of company stock worth $7,426,909. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Coldstream Capital Management Inc. acquired a new position in Procore Technologies in the third quarter valued at approximately $235,000. Geode Capital Management LLC boosted its holdings in shares of Procore Technologies by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock valued at $105,967,000 after buying an additional 168,769 shares in the last quarter. Bullseye Asset Management LLC grew its position in shares of Procore Technologies by 50.0% in the 3rd quarter. Bullseye Asset Management LLC now owns 14,993 shares of the company’s stock valued at $925,000 after buying an additional 5,000 shares during the last quarter. M&T Bank Corp acquired a new stake in Procore Technologies during the 3rd quarter worth $250,000. Finally, Barclays PLC lifted its position in Procore Technologies by 49.1% in the third quarter. Barclays PLC now owns 69,012 shares of the company’s stock valued at $4,259,000 after acquiring an additional 22,734 shares during the last quarter. Hedge funds and other institutional investors 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.