Procore Technologies (NYSE:PCOR) Price Target Raised to $70.00

Procore Technologies (NYSE:PCOR) had its price target raised by equities researchers at Cantor Fitzgerald from $65.00 to $70.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 18.97% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Barclays raised their target price on shares of Procore Technologies from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday. Guggenheim started coverage on Procore Technologies in a research note on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price target for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Friday, October 2nd. Jefferies Financial Group lowered their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Finally, DA Davidson set a $56.00 price target on Procore Technologies in a report on Monday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.75.

Procore Technologies Trading Up 5.1%

Shares of Procore Technologies stock opened at $58.84 on Friday. The stock’s fifty day moving average price is $56.39 and its 200-day moving average price is $51.31. The firm has a market cap of $8.94 billion, a P/E ratio of -226.30 and a beta of 0.78. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 earnings per share. Analysts forecast that Procore Technologies will post 0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Elisa Steele sold 1,500 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director directly owned 58,371 shares of the company’s stock, valued at $3,677,373. The trade was a 2.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the transaction, the senior vice president directly owned 104,981 shares in the company, valued at approximately $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 222,271 shares of company stock valued at $12,450,532. Corporate insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. BlackRock Inc. purchased a new stake in Procore Technologies during the 2nd quarter valued at about $300,345,000. Assenagon Asset Management S.A. grew its position in shares of Procore Technologies by 0.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock valued at $229,154,000 after purchasing an additional 32,494 shares during the period. Wellington Management Group LLP increased its stake in shares of Procore Technologies by 8.2% during the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock worth $140,166,000 after purchasing an additional 260,314 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Procore Technologies during the second quarter worth about $114,444,000. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Procore Technologies by 158.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after purchasing an additional 1,240,247 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.