UBS Group Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its target price increased by UBS Group from $105.00 to $110.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price objective suggests a potential upside of 25.74% from the stock’s current price.

Several other research firms have also recently commented on PCOR. Canaccord Genuity Group boosted their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research note on Friday. Robert W. Baird increased their target price on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. DA Davidson increased their price objective on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $90.00 target price on shares of Procore Technologies in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. boosted their price target on Procore Technologies from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

Procore Technologies Stock Performance

Procore Technologies stock opened at $87.48 on Friday. The company has a market cap of $13.01 billion, a price-to-earnings ratio of -174.96 and a beta of 0.84. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $87.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock’s 50-day moving average is $77.63 and its 200-day moving average is $68.60.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). The business had revenue of $302.05 million for the quarter, compared to analysts’ expectations of $297.72 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Equities analysts anticipate that Procore Technologies will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the transaction, the chief executive officer now owns 770,458 shares in the company, valued at $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 7,809 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $557,250.24. Following the completion of the sale, the chief financial officer now owns 164,188 shares of the company’s stock, valued at $11,716,455.68. This trade represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 114,656 shares of company stock valued at $8,776,297 in the last quarter. Corporate insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its position in 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 acquiring an additional 175 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies in the 3rd quarter worth approximately $26,000. Versant Capital Management Inc raised its holdings in shares of Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after purchasing an additional 147 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in Procore Technologies by 6,069.2% during the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after buying an additional 789 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.