Procore Technologies (NYSE:PCOR) Price Target Raised to $62.00

Procore Technologies (NYSE:PCOR) had its target price upped by Barclays from $60.00 to $62.00 in a research note released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities research analysts have also issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price target on shares of Procore Technologies in a research report on Monday, October 5th. BMO Capital Markets boosted their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Piper Sandler assumed coverage on Procore Technologies in a research note on Monday, September 28th. They set an “overweight” rating and a $68.00 price objective on the stock. DA Davidson set a $56.00 target price on Procore Technologies in a report on Monday, September 28th. Finally, TD Cowen dropped their target price on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $69.44.

Procore Technologies Trading Down 0.3%

Shares of NYSE PCOR opened at $56.00 on Monday. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32. The stock has a market cap of $8.51 billion, a PE ratio of -215.38 and a beta of 0.78. The company has a 50-day moving average of $56.33 and a 200 day moving average of $51.28.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the prior year, the firm earned $0.35 EPS. Procore Technologies’s quarterly revenue was up 15.8% on a year-over-year basis. On average, sell-side analysts forecast that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 15,386 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $54.93, for a total value of $845,152.98. Following the transaction, the director directly owned 946,746 shares in the company, valued at $52,004,757.78. The trade was a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,943 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the sale, the insider directly owned 86,931 shares of the company’s stock, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 222,271 shares of company stock valued at $12,450,532 over the last ninety days. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. SJS Investment Consulting Inc. raised its position in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the period. Twin Tree Management LP acquired a new position in shares of Procore Technologies in the 2nd quarter valued at $40,000. Root Financial Partners LLC grew its holdings in shares of Procore Technologies by 11,150.0% during the 1st quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock worth $64,000 after purchasing an additional 1,115 shares during the period. Global Retirement Partners LLC purchased a new position in shares of Procore Technologies during the 2nd quarter worth $52,000. Finally, Versant Capital Management Inc increased its position in shares of Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after purchasing an additional 529 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 provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.