Procore Technologies (NYSE:PCOR) Given New $82.00 Price Target at TD Cowen

Procore Technologies (NYSE:PCOR) had its price objective increased by analysts at TD Cowen from $70.00 to $82.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 5.03% from the company’s previous close.

Several other analysts have also weighed in on PCOR. Piper Sandler upped their price objective on Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. Barclays raised their price objective on shares of Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday. Robert W. Baird initiated coverage on shares of Procore Technologies in a report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Procore Technologies from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Jefferies Financial Group upped their price target on Procore Technologies from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.69.

Procore Technologies Stock Performance

PCOR stock traded up $2.84 during mid-day trading on Friday, reaching $78.07. The company had a trading volume of 1,800,097 shares, compared to its average volume of 1,585,308. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock’s 50-day simple moving average is $63.82 and its two-hundred day simple moving average is $63.92. The stock has a market capitalization of $11.61 billion, a P/E ratio of -156.14 and a beta of 0.71. Procore Technologies has a one year low of $49.46 and a one year high of $83.35.

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

Insiders Place Their Bets

In related news, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $71.04, for a total value of $876,633.60. Following the completion of the sale, the insider now owns 2,284,989 shares of the company’s stock, valued at approximately $162,325,618.56. The trade was a 0.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $70.47, for a total transaction of $361,370.16. Following the transaction, the director now directly owns 1,335,208 shares in the company, valued at approximately $94,092,107.76. The trade was a 0.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,997 shares of company stock worth $4,497,153 in the last quarter. 29.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of PCOR. Dragoneer Investment Group LLC raised its position in shares of Procore Technologies by 254.0% in the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the period. Wasatch Advisors LP raised its holdings in Procore Technologies by 27,239.5% in the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after acquiring an additional 1,575,534 shares during the period. Assenagon Asset Management S.A. acquired a new position in Procore Technologies during the 3rd quarter worth $88,572,000. XN LP boosted its holdings in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after acquiring an additional 1,411,812 shares during the period. Finally, PointState Capital LP acquired a new stake in shares of Procore Technologies in the third quarter valued at about $81,306,000. 81.10% of the stock is owned by institutional investors and hedge funds.

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.