Procore Technologies (NYSE:PCOR) Stock Gets Price Target Boost from Barclays

Procore Technologies (NYSE:PCOR) had its price target boosted by equities researchers at Barclays from $60.00 to $62.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 10.12% from the stock’s previous close.

A number of other equities research analysts also recently commented on PCOR. Piper Sandler assumed coverage on Procore Technologies in a research report on Monday, September 28th. They issued an “overweight” rating and a $68.00 target price on the stock. TD Cowen cut their price target on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a research note on Friday, October 2nd. Zacks Research downgraded Procore Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Finally, DA Davidson set a $56.00 price objective on Procore Technologies in a report on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $69.44.

Procore Technologies Stock Up 0.2%

PCOR stock traded up $0.09 during mid-day trading on Monday, hitting $56.30. The company had a trading volume of 840,009 shares, compared to its average volume of 2,804,665. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of -216.29 and a beta of 0.78. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32. The company has a 50-day moving average price of $56.29 and a 200 day moving average price of $51.29.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data 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. The firm had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 earnings per share. As a group, analysts expect that Procore Technologies will post 0.41 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the business’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $53.48, for a total value of $3,001,404.56. Following the sale, the chairman directly owned 908,316 shares in the company, valued at $48,576,739.68. The trade was a 5.82% decrease in their position. The transaction 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, Director Elisa Steele sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the director owned 58,371 shares in the company, valued at $3,677,373. This represents a 2.51% 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. Over the last ninety days, insiders sold 166,149 shares of company stock worth $9,297,037. Insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. BlackRock Inc. purchased a new stake in Procore Technologies during the second quarter valued at approximately $300,345,000. Deutsche Bank AG bought a new stake in shares of Procore Technologies in the 2nd quarter valued at approximately $114,444,000. Assenagon Asset Management S.A. boosted its holdings in shares of 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 worth $178,653,000 after purchasing an additional 2,146,182 shares during the period. Bamco Inc. NY purchased a new position in shares of Procore Technologies in the 2nd quarter worth approximately $62,116,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after purchasing an additional 1,240,247 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.