Procore Technologies (NYSE:PCOR) Price Target Raised to $75.00

Procore Technologies (NYSE:PCOR) had its price objective increased by investment analysts at UBS Group from $68.00 to $75.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target suggests a potential upside of 36.37% from the company’s current price.

Other research analysts have also issued reports about the company. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Piper Sandler cut their target price on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday. BTIG Research reaffirmed a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. Jefferies Financial Group lowered their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $69.82.

Procore Technologies Trading Up 2.2%

Shares of NYSE:PCOR traded up $1.21 during trading on Friday, reaching $55.00. The stock had a trading volume of 5,342,470 shares, compared to its average volume of 2,720,988. The firm’s fifty day moving average is $44.69 and its 200 day moving average is $51.89. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of -211.52 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. Procore Technologies’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. As a group, equities analysts forecast that Procore Technologies will post 0.06 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,775 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares of the company’s stock, valued at $42,037,521.88. The trade was a 0.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 189,621 shares of company stock valued at $8,791,847 in the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after purchasing an additional 804,920 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Procore Technologies by 95.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after purchasing an additional 2,146,182 shares during the period. Wellington Management Group LLP grew its position in Procore Technologies by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after purchasing an additional 137,171 shares during the period. Finally, Principal Financial Group Inc. grew its position in Procore Technologies by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after purchasing an additional 127,256 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. 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.