Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Procore Technologies (NYSE:PCOR) had its price objective increased by Canaccord Genuity Group from $83.00 to $97.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on PCOR. The Goldman Sachs Group boosted their price objective on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Stifel Nicolaus upped their price target on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. DA Davidson upped their price target on Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Piper Sandler upped their price target on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday. Finally, JMP Securities reiterated a “market outperform” rating and set a $90.00 price target on shares of Procore Technologies in a research report on Friday, February 7th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $87.48 on Friday. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $87.90. The stock’s 50-day simple moving average is $77.63 and its 200 day simple moving average is $68.62. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. On average, equities research analysts forecast that Procore Technologies will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven Scott Davis sold 7,914 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $564,743.04. Following the completion of the sale, the insider now owns 184,223 shares of the company’s stock, valued at approximately $13,146,153.28. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 7,809 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total value of $557,250.24. Following the sale, the chief financial officer now directly owns 164,188 shares of the company’s stock, valued at approximately $11,716,455.68. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 114,656 shares of company stock valued at $8,776,297 over the last quarter. 29.00% of the stock is owned by corporate insiders.

Institutional Trading of Procore Technologies

A number of institutional investors have recently made changes to their positions in PCOR. Principal Financial Group Inc. boosted its stake in shares of Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the period. Capital World Investors boosted its stake in shares of Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $131,840,000. Wasatch Advisors LP boosted its stake in shares of Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after purchasing an additional 1,575,534 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of Procore Technologies during the third quarter valued at approximately $88,572,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.