Procore Technologies (NYSE:PCOR) Price Target Raised to $60.00

Procore Technologies (NYSE:PCOR) had its price objective increased by Barclays from $50.00 to $60.00 in a research note published on Monday,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other brokerages have also commented on PCOR. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. BMO Capital Markets raised their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. The Goldman Sachs Group lowered their price objective on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Guggenheim started coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Finally, UBS Group increased their target price on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.44.

Procore Technologies Stock Performance

Shares of PCOR opened at $55.51 on Monday. The stock has a 50 day simple moving average of $45.36 and a 200 day simple moving average of $51.42. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The firm has a market capitalization of $8.43 billion, a PE ratio of -213.48 and a beta of 0.70.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. The business’s revenue was up 15.8% on a year-over-year basis. Equities research analysts predict that Procore Technologies will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 15,386 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the transaction, the director directly owned 946,746 shares in the company, valued at $52,004,757.78. This trade represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the completion of the transaction, the chairman owned 919,704 shares in the company, valued at approximately $41,515,438.56. The trade was a 5.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 212,699 shares of company stock valued at $10,059,907 in the last three months. Insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. SJS Investment Consulting Inc. boosted its position in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies in the 3rd quarter valued at $34,000. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies during the 4th quarter valued at $41,000. Allworth Financial LP raised its stake in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new stake in shares of Procore Technologies during the 4th quarter worth $54,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.