Procore Technologies (NYSE:PCOR) Price Target Raised to $90.00

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price raised by stock analysts at Barclays from $84.00 to $90.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price objective suggests a potential upside of 1.78% from the stock's current price.

PCOR has been the subject of several other reports. Scotiabank upped their target price on shares of Procore Technologies from $70.00 to $85.00 and gave the company a "sector outperform" rating in a research note on Friday, November 22nd. JMP Securities reissued a "market outperform" rating and issued a $90.00 price objective on shares of Procore Technologies in a research report on Friday, February 7th. Mizuho raised their target price on Procore Technologies from $65.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, December 13th. DA Davidson boosted their price target on Procore Technologies from $60.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, November 22nd. Finally, The Goldman Sachs Group raised 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. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $89.94.

Procore Technologies Stock Up 1.1 %

NYSE PCOR traded up $0.92 during trading hours on Friday, hitting $88.42. The company had a trading volume of 3,288,617 shares, compared to its average volume of 1,302,346. The firm's 50 day moving average is $77.89 and its 200 day moving average is $68.95. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The company has a market capitalization of $13.14 billion, a price-to-earnings ratio of -176.84 and a beta of 0.84.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results 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). The company had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. Sell-side analysts anticipate that Procore Technologies will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 33,332 shares of Procore Technologies stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the sale, the director now directly owns 1,282,648 shares in the company, valued at $105,087,350.64. This trade represents a 2.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 7,809 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $557,250.24. Following the transaction, the chief financial officer now directly owns 164,188 shares of the company's stock, valued at $11,716,455.68. The trade was a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 114,656 shares of company stock valued at $8,776,297. Company insiders own 29.00% of the company's stock.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in PCOR. Vanguard Group Inc. raised its stake in Procore Technologies by 7.6% during the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock valued at $891,692,000 after acquiring an additional 838,925 shares in the last quarter. Capital World Investors increased its holdings 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. Assenagon Asset Management S.A. raised its stake in shares of Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after purchasing an additional 1,425,967 shares in the last quarter. Meritage Group LP raised its stake in shares of Procore Technologies by 66.6% during the third quarter. Meritage Group LP now owns 2,745,504 shares of the company's stock valued at $169,453,000 after purchasing an additional 1,098,019 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after purchasing an additional 2,670,872 shares during the period. Institutional investors own 81.10% of the company's stock.

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.