Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, KeyCorp Analyst Says

Procore Technologies (NYSE:PCOR) had its price target lifted by stock analysts at KeyCorp from $68.00 to $85.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 11.71% from the stock’s current price.

Several other research analysts have also issued reports on PCOR. The Goldman Sachs Group decreased their price target on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Robert W. Baird initiated coverage on Procore Technologies in a research note on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price objective for the company. Piper Sandler upped their target price on Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. DA Davidson reiterated a “neutral” rating and set a $60.00 price objective on shares of Procore Technologies in a research report on Wednesday, October 2nd. Finally, Baird R W upgraded Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $76.75.

Procore Technologies Stock Performance

Procore Technologies stock traded up $0.86 during mid-day trading on Friday, hitting $76.09. 582,998 shares of the company’s stock traded hands, compared to its average volume of 1,579,401. The firm has a 50 day moving average price of $63.82 and a 200 day moving average price of $63.92. 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 company has a market cap of $11.31 billion, a PE ratio of -151.58 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 announced its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The business had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. On average, equities analysts forecast that Procore Technologies will post -0.23 EPS for the current year.

Insider Buying and Selling

In other Procore Technologies news, insider Steven Scott Davis sold 9,671 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $65.00, for a total transaction of $628,615.00. Following the completion of the sale, the insider now directly owns 192,137 shares of the company’s stock, valued at approximately $12,488,905. The trade was a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were 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 directly owns 1,371,104 shares in the company, valued at $79,606,298.24. This trade represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,997 shares of company stock worth $4,497,153 in the last 90 days. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently modified their holdings of the stock. Park Avenue Securities LLC boosted its position in shares of Procore Technologies by 16.9% during the second quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock worth $580,000 after buying an additional 1,266 shares during the period. M&G Plc increased its position in shares of Procore Technologies by 12.4% in the second quarter. M&G Plc now owns 120,626 shares of the company’s stock valued at $7,961,000 after acquiring an additional 13,334 shares during the last quarter. Burney Co. bought a new stake in Procore Technologies during the first quarter worth about $1,371,000. SG Americas Securities LLC boosted its position in Procore Technologies by 118.0% during the second quarter. SG Americas Securities LLC now owns 17,466 shares of the company’s stock valued at $1,158,000 after purchasing an additional 9,454 shares during the last quarter. Finally, Dragoneer Investment Group LLC grew its stake in 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 in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.