Procore Technologies (NYSE:PCOR) Given New $60.00 Price Target at Barclays

Procore Technologies (NYSE:PCOR) had its price objective lifted by analysts at Barclays from $50.00 to $60.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 9.10% from the stock’s current price.

Other analysts also recently issued research reports about the company. 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 report on Friday. UBS Group raised their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday. Piper Sandler cut their price target on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, TD Cowen reduced their price target on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. One equities research 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 given a Sell rating to the stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $70.44.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $55.00 on Monday. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of -211.52 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The stock’s 50 day moving average price is $44.86 and its 200 day moving average price is $51.75.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.72% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same period last year, the firm earned $0.35 EPS. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. Equities research analysts anticipate that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares in the company, valued at $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The sale 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 3,942 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock valued at $8,791,847 in the last quarter. Company insiders own 16.80% 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 the stock. SJS Investment Consulting Inc. lifted its stake in shares of Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the 3rd quarter valued at approximately $34,000. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $41,000. Allworth Financial LP boosted its holdings in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in shares of Procore Technologies during the fourth quarter valued at about $54,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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. 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 Execution, 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.