Procore Technologies (NYSE:PCOR) Given New $96.00 Price Target at KeyCorp

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price increased by KeyCorp from $85.00 to $96.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's target price suggests a potential upside of 8.57% from the stock's previous close.

Several other brokerages also recently issued reports on PCOR. The Goldman Sachs Group raised their price objective on shares of Procore Technologies from $73.00 to $83.00 and gave the stock a "buy" rating in a research note on Friday, November 22nd. Piper Sandler raised their price target on Procore Technologies from $90.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday. Scotiabank increased their target price on Procore Technologies from $70.00 to $85.00 and gave the stock a "sector outperform" rating in a research note on Friday, November 22nd. BMO Capital Markets lifted their target price on Procore Technologies from $71.00 to $85.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd. Finally, Mizuho upped their price target on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, December 13th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $89.94.

Procore Technologies Trading Up 1.1 %

Shares of NYSE PCOR traded up $0.92 during trading hours on Friday, hitting $88.42. 3,288,617 shares of the company traded hands, compared to its average volume of 1,302,346. The company's 50 day moving average price is $77.89 and its 200 day moving average price is $68.95. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $88.92. The stock has a market capitalization of $13.14 billion, a price-to-earnings ratio of -176.84 and a beta of 0.84. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share 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%. The firm had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. On average, equities research analysts anticipate that Procore Technologies will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Steven Scott Davis sold 7,914 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 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 $13,146,153.28. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William Fred Fleming, Jr. sold 2,668 shares of Procore Technologies 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 completion of the transaction, the senior vice president now directly owns 72,605 shares in the company, valued at $5,181,092.80. This represents a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 114,656 shares of company stock worth $8,776,297. 29.00% of the stock is currently owned by company insiders.

Institutional Trading of Procore Technologies

A number of institutional investors have recently made changes to their positions in PCOR. Principal Financial Group Inc. raised its stake 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 valued at $200,810,000 after buying an additional 2,670,872 shares during 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 acquiring an additional 2,555,612 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Procore Technologies in the 4th quarter valued at approximately $131,840,000. Wasatch Advisors LP boosted its stake in Procore Technologies by 27,239.5% in the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company's stock worth $97,599,000 after purchasing an additional 1,575,534 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Procore Technologies during the 3rd quarter worth approximately $88,572,000. Institutional investors and hedge funds 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.