Procore Technologies (NASDAQ:PCOR) PT Raised to $70.00

Procore Technologies (NASDAQ:PCORGet Rating) had its price objective lifted by equities research analysts at Oppenheimer from $60.00 to $70.00 in a report issued on Thursday, The Fly reports. Oppenheimer’s price objective points to a potential upside of 10.99% from the stock’s previous close.

PCOR has been the subject of several other research reports. The Goldman Sachs Group lowered their target price on Procore Technologies from $90.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, April 14th. Mizuho lowered their target price on Procore Technologies from $70.00 to $57.00 in a research note on Tuesday, July 19th. Jefferies Financial Group lowered their target price on Procore Technologies from $90.00 to $75.00 in a research note on Monday, May 23rd. Barclays lowered their target price on Procore Technologies from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, July 12th. Finally, JPMorgan Chase & Co. reduced their price target on Procore Technologies from $113.00 to $95.00 in a report on Thursday, June 16th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $82.00.

Procore Technologies Stock Up 1.7 %

Shares of NASDAQ PCOR opened at $63.07 on Thursday. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.04. The company has a market cap of $8.55 billion, a price-to-earnings ratio of -31.07 and a beta of 0.61. Procore Technologies has a 12 month low of $40.00 and a 12 month high of $105.29. The stock has a 50-day moving average price of $48.35 and a two-hundred day moving average price of $53.88.

Procore Technologies (NASDAQ:PCORGet Rating) last issued its earnings results on Wednesday, May 4th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.05. The firm had revenue of $159.52 million during the quarter, compared to the consensus estimate of $150.25 million. Procore Technologies had a negative return on equity of 15.47% and a negative net margin of 36.48%. The business’s quarterly revenue was up 40.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. As a group, analysts forecast that Procore Technologies will post -1.82 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 6,453 shares of the company’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $42.79, for a total value of $276,123.87. Following the sale, the insider now directly owns 166,699 shares in the company, valued at $7,133,050.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 1,698 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $42.79, for a total transaction of $72,657.42. Following the transaction, the senior vice president now directly owns 67,159 shares in the company, valued at approximately $2,873,733.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin C. Singer sold 6,453 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $42.79, for a total value of $276,123.87. Following the transaction, the insider now owns 166,699 shares in the company, valued at $7,133,050.21. The disclosure for this sale can be found here. Insiders have sold 111,476 shares of company stock worth $4,972,888 over the last ninety days. Insiders own 40.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. acquired a new position in shares of Procore Technologies during the first quarter worth approximately $31,000. First Horizon Advisors Inc. purchased a new stake in Procore Technologies in the 1st quarter valued at $37,000. Advisors Asset Management Inc. purchased a new stake in Procore Technologies in the 1st quarter valued at $42,000. Ellevest Inc. raised its position in Procore Technologies by 13,812.5% in the 2nd quarter. Ellevest Inc. now owns 1,113 shares of the company’s stock valued at $51,000 after buying an additional 1,105 shares during the last quarter. Finally, Capricorn Investment Group LLC purchased a new stake in Procore Technologies in the 2nd quarter valued at $106,000. 91.35% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Company Profile

(Get Rating)

Procore Technologies, Inc provides 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Management, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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