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

Procore Technologies (NYSE:PCOR) had its price objective raised by equities researchers at Barclays from $84.00 to $90.00 in a report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 2.88% from the company’s current price.

A number of other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. BMO Capital Markets lifted their price target on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. UBS Group started coverage on shares of Procore Technologies in a research report on Monday, December 2nd. They set a “buy” rating and a $105.00 price target on the stock. Canaccord Genuity Group raised their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday. Finally, Stifel Nicolaus upped their target price on Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $89.65.

Procore Technologies Trading Up 16.5 %

Shares of NYSE:PCOR opened at $87.48 on Friday. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of -174.96 and a beta of 0.84. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $87.90. The company’s fifty day simple moving average is $77.63 and its 200 day simple moving average is $68.60. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). The firm had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. As a group, research analysts forecast that Procore Technologies will post -0.22 EPS for the current fiscal year.

Insider Activity

In other Procore Technologies news, insider Benjamin C. Singer sold 1,500 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $76.18, for a total value of $114,270.00. Following the transaction, the insider now directly owns 84,539 shares of the company’s stock, valued at $6,440,181.02. This represents a 1.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of Procore Technologies 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 sale, the chief executive officer now directly owns 770,458 shares of the company’s stock, valued at $54,979,882.88. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 114,656 shares of company stock valued at $8,776,297 over the last ninety days. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Procore Technologies by 7.6% during the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock worth $891,692,000 after purchasing an additional 838,925 shares in the last quarter. Capital World Investors grew its position in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after buying an additional 1,425,967 shares in the last quarter. Meritage Group LP increased its stake in Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after acquiring an additional 1,098,019 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after acquiring an additional 2,670,872 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

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.