Barclays Raises Procore Technologies (NYSE:PCOR) Price Target to $78.00

Procore Technologies (NYSE:PCOR) had its target price increased by investment analysts at Barclays from $66.00 to $78.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 1.72% from the company’s previous close.

PCOR has been the topic of a number of other research reports. KeyCorp lowered their price objective on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. JMP Securities dropped their price target on Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. Jefferies Financial Group lifted their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, November 18th. Macquarie reissued a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Finally, DA Davidson restated a “neutral” rating and set a $60.00 price target on shares of Procore Technologies in a research note on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Stock Performance

Shares of PCOR opened at $76.68 on Friday. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $83.35. The business’s fifty day simple moving average is $64.19 and its two-hundred day simple moving average is $63.94. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market cap of $11.40 billion, a price-to-earnings ratio of -153.36 and a beta of 0.71.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Research analysts anticipate that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total transaction of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares in the company, valued at $79,606,298.24. This trade represents a 0.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Howard Fu sold 1,500 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $71.75, for a total value of $107,625.00. Following the completion of the sale, the chief financial officer now owns 171,997 shares in the company, valued at $12,340,784.75. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 109,053 shares of company stock worth $7,426,909 in the last three months. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc raised its stake in shares of Procore Technologies by 3.5% in the third quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after acquiring an additional 143 shares during the period. Tanager Wealth Management LLP boosted its stake in shares of Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after purchasing an additional 150 shares during the period. GAMMA Investing LLC grew its holdings in shares of Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after purchasing an additional 175 shares during the last quarter. Taylor Frigon Capital Management LLC increased its stake in Procore Technologies by 0.3% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock worth $3,570,000 after buying an additional 180 shares during the period. Finally, Signaturefd LLC lifted its holdings in Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares in the last quarter. 81.10% of the stock is owned by 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.