Canaccord Genuity Group Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price increased by Canaccord Genuity Group from $85.00 to $90.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 13.60% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. William Blair reissued an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research report on Wednesday, October 8th. Citizens Jmp downgraded Procore Technologies from an “outperform” rating to a “market perform” rating in a research note on Friday, August 1st. Mizuho lifted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Finally, JMP Securities reaffirmed a “market perform” rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Friday, August 1st. Fifteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.26.

Procore Technologies Trading Up 10.7%

Shares of PCOR stock traded up $7.68 during mid-day trading on Thursday, reaching $79.22. 4,042,782 shares of the stock traded hands, compared to its average volume of 1,445,822. The company has a market cap of $11.90 billion, a price-to-earnings ratio of -82.36 and a beta of 0.90. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock’s fifty day simple moving average is $71.83 and its two-hundred day simple moving average is $69.14. Procore Technologies has a 1-year low of $53.71 and a 1-year high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The business had revenue of $172.21 million during the quarter. On average, research analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $70.56, for a total value of $542,747.52. Following the transaction, the director owned 1,115,637 shares in the company, valued at approximately $78,719,346.72. This represents a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Howard Fu sold 814 shares of the company’s stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $72.34, for a total value of $58,884.76. Following the transaction, the chief financial officer directly owned 187,847 shares in the company, valued at $13,588,851.98. This represents a 0.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,724 shares of company stock worth $2,122,519 in the last ninety days. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP raised its stake in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Procore Technologies by 76.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after acquiring an additional 1,750,998 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Procore Technologies by 12.2% in the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after purchasing an additional 360,207 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Procore Technologies by 0.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock worth $224,594,000 after buying an additional 23,038 shares during the last quarter. Finally, Champlain Investment Partners LLC raised its position in shares of Procore Technologies by 73.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock valued at $154,590,000 after buying an additional 955,450 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

About Procore Technologies

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.