Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, KeyCorp Analyst Says

Procore Technologies (NYSE:PCOR) had its price target raised by equities research analysts at KeyCorp from $85.00 to $96.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective points to a potential upside of 9.74% from the company’s previous close.

Several other research analysts have also weighed in on PCOR. DA Davidson lifted their price objective on shares of Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Robert W. Baird lifted their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Piper Sandler lifted their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. 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. Finally, Stifel Nicolaus lifted their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $89.65.

Procore Technologies Stock Up 16.5 %

Shares of NYSE:PCOR opened at $87.48 on Friday. Procore Technologies has a one year low of $49.46 and a one year high of $87.90. The company has a 50 day moving average of $77.63 and a 200-day moving average of $68.60. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market cap of $13.01 billion, a price-to-earnings ratio of -174.96 and a beta of 0.84.

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

Insider Activity

In related news, Director Connor Kevin J. O sold 33,332 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total transaction of $2,730,890.76. Following the transaction, the director now directly owns 1,282,648 shares in the company, valued at approximately $105,087,350.64. The trade was a 2.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $190,388.48. Following the transaction, the senior vice president now owns 72,605 shares in the company, valued at approximately $5,181,092.80. The trade was a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 114,656 shares of company stock worth $8,776,297 over the last ninety days. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC increased its holdings in shares of Procore Technologies by 0.8% in the fourth quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company’s stock valued at $1,199,000 after purchasing an additional 129 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Procore Technologies by 3.5% in the third quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after purchasing an additional 143 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after purchasing an additional 147 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Procore Technologies by 37.8% in the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after purchasing an additional 162 shares during the last quarter. Finally, Tanager Wealth Management LLP increased its holdings in shares of Procore Technologies by 1.3% in the third quarter. Tanager Wealth Management LLP now owns 12,747 shares of the company’s stock valued at $787,000 after purchasing an additional 168 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.