Procore Technologies (NYSE:PCOR) Price Target Raised to $74.00

Procore Technologies (NYSE:PCOR) had its price target hoisted by JPMorgan Chase & Co. from $69.00 to $74.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Guggenheim initiated coverage on Procore Technologies in a report on Thursday, July 23rd. They set a “buy” rating and a $68.00 price target for the company. Piper Sandler began coverage on shares of Procore Technologies in a report on Monday, September 28th. They issued an “overweight” rating and a $68.00 price objective on the stock. UBS Group lifted their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research note on Monday, October 26th. Finally, Weiss Ratings raised shares of Procore Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 23rd. Eighteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.35.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded down $0.28 during midday trading on Wednesday, reaching $75.33. 4,049,430 shares of the stock were exchanged, compared to its average volume of 3,008,882. The company has a 50 day simple moving average of $57.53 and a 200 day simple moving average of $53.50. The stock has a market capitalization of $11.45 billion, a P/E ratio of -327.49 and a beta of 0.75. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $80.40.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.46 by $0.05. The firm had revenue of $402.31 million for the quarter, compared to analyst estimates of $384.38 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. On average, research analysts expect that Procore Technologies will post 0.44 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $54.53, for a total value of $419,444.76. Following the completion of the transaction, the director owned 900,594 shares in the company, valued at approximately $49,109,390.82. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 3,337 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $69.10, for a total transaction of $230,586.70. Following the sale, the director directly owned 55,034 shares in the company, valued at approximately $3,802,849.40. The trade was a 5.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 212,808 shares of company stock valued at $12,026,454. 16.80% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Procore Technologies during the 2nd quarter worth $300,345,000. Deutsche Bank AG acquired a new stake in Procore Technologies in the 2nd quarter valued at about $114,444,000. Assenagon Asset Management S.A. raised its position in Procore Technologies by 95.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after purchasing an additional 2,146,182 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of Procore Technologies in the 3rd quarter valued at about $86,864,000. Finally, Bamco Inc. NY purchased a new position in shares of Procore Technologies in the 2nd quarter valued at about $62,116,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

More Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. Director share sale

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.