Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Procore Technologies (NYSE:PCOR) had its price objective lifted by Canaccord Genuity Group from $67.00 to $83.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 8.24% from the company’s current price.

Other equities analysts also recently issued reports about the company. JMP Securities lowered their price objective on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a research report on Thursday, October 31st. KeyCorp raised their price target on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. The Goldman Sachs Group upped their price objective on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Friday. Scotiabank lowered their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Finally, DA Davidson reaffirmed a “neutral” rating and set a $60.00 price target on shares of Procore Technologies in a research report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Performance

NYSE:PCOR opened at $76.68 on Friday. The stock’s 50-day moving average is $64.19 and its 200-day moving average is $63.94. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $83.35. 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 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 posted its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The firm had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Equities research analysts anticipate that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $1,617,374.40. Following the completion of 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $1,061,250.00. Following the transaction, the senior vice president now owns 75,120 shares in the company, valued at approximately $5,314,740. This trade represents a 16.64 % 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 worth $7,426,909 in the last quarter. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. 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 acquiring an additional 1,411,812 shares in the last quarter. Meritage Group LP boosted its position in Procore Technologies by 66.6% in the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after purchasing an additional 1,098,019 shares during the last quarter. Janus Henderson Group PLC grew its stake in Procore Technologies by 128.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after purchasing an additional 1,297,151 shares during the period. Dragoneer Investment Group LLC increased its position in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. Finally, Holocene Advisors LP raised its stake in shares of Procore Technologies by 1.1% during the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock worth $115,623,000 after purchasing an additional 21,234 shares during the period. 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.