Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Procore Technologies (NYSE:PCOR) had its price objective boosted by JPMorgan Chase & Co. from $75.00 to $85.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also issued reports on PCOR. Barclays boosted their target price on shares of Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday. Stifel Nicolaus lowered their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. TD Cowen upped their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. DA Davidson reissued a “neutral” rating and set a $60.00 price target on shares of Procore Technologies in a research report on Wednesday, October 2nd. Finally, Robert W. Baird began coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target for the company. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Trading Up 1.9 %

PCOR stock opened at $76.67 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $83.35. The firm’s fifty day simple moving average is $64.19 and its two-hundred day simple moving average is $63.98.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11). The firm had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. Analysts predict that Procore Technologies will post -0.23 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the sale, the senior vice president now directly owns 75,120 shares of the company’s stock, valued at approximately $5,314,740. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $521,030.44. Following the sale, the director now directly owns 1,371,104 shares of the company’s stock, valued at $79,606,298.24. The trade was a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 109,053 shares of company stock valued at $7,426,909 in the last three months. 29.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors have recently bought and sold shares of the company. XN LP boosted its stake in shares of Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after buying an additional 1,411,812 shares during the period. Meritage Group LP boosted its stake in shares of Procore Technologies by 66.6% in the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock valued at $169,453,000 after buying an additional 1,098,019 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Procore Technologies by 128.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after buying an additional 1,297,151 shares during the period. Dragoneer Investment Group LLC boosted its stake in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after buying an additional 1,609,607 shares during the period. Finally, Holocene Advisors LP boosted its stake in shares of Procore Technologies by 1.1% in the 3rd quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock valued at $115,623,000 after buying an additional 21,234 shares during the period. 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.