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

Procore Technologies (NYSE:PCOR - Free Report) had its price target increased by JMP Securities from $90.00 to $95.00 in a research report sent to investors on Tuesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Other research analysts have also issued research reports about the company. UBS Group upped their price objective on Procore Technologies from $105.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Stifel Nicolaus upped their price objective on Procore Technologies from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Wednesday, December 18th. KeyCorp upped their target price on Procore Technologies from $85.00 to $96.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Mizuho upped their target price on Procore Technologies from $65.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, December 13th. Finally, The Goldman Sachs Group upped their target price on Procore Technologies from $73.00 to $83.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $89.94.

Procore Technologies Stock Performance

Shares of PCOR stock traded down $0.78 during midday trading on Tuesday, hitting $82.28. The company had a trading volume of 1,628,367 shares, compared to its average volume of 1,377,505. The company's 50 day simple moving average is $78.09 and its 200 day simple moving average is $69.37. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $88.92. The stock has a market cap of $12.23 billion, a price-to-earnings ratio of -114.27 and a beta of 0.84. 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 (NYSE:PCOR - Get Free Report) last announced 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 return on equity of 5.10% and a negative net margin of 9.20%. The business had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. Research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the transaction, the insider now directly owns 200 shares in the company, valued at approximately $17,480. This represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 1,500 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $76.18, for a total value of $114,270.00. Following the transaction, the insider now owns 84,539 shares in the company, valued at $6,440,181.02. This trade represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,811 shares of company stock worth $8,227,968 over the last three months. 29.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in PCOR. Principal Financial Group Inc. lifted its position in 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 worth $200,810,000 after buying an additional 2,670,872 shares during the period. Capital World Investors increased its stake in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after acquiring an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Procore Technologies during the fourth quarter worth about $131,840,000. Wasatch Advisors LP increased its stake in Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company's stock worth $97,599,000 after acquiring an additional 1,575,534 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Procore Technologies during the third quarter worth about $88,572,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.