TD Cowen Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective hoisted by TD Cowen from $70.00 to $82.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on PCOR. Macquarie reissued a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Barclays upped their price objective on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday. Piper Sandler upped their price objective on shares of Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Canaccord Genuity Group upped their price objective on shares of Procore Technologies from $67.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday. Five equities research 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, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Up 1.9 %

Shares of Procore Technologies stock opened at $76.67 on Friday. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $83.35. 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 company’s 50-day moving average price is $64.19 and its 200-day moving average price is $63.98.

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

Insider Buying and Selling at Procore Technologies

In other news, CFO Howard Fu sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $71.75, for a total value of $107,625.00. Following the transaction, the chief financial officer now owns 171,997 shares in the company, valued at approximately $12,340,784.75. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction that occurred on 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 represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,053 shares of company stock worth $7,426,909 over the last ninety days. Insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Dragoneer Investment Group LLC boosted its holdings 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 acquiring an additional 1,609,607 shares in the last quarter. Wasatch Advisors LP boosted its holdings in Procore Technologies by 27,239.5% in the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after acquiring an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Procore Technologies in the third quarter valued at $88,572,000. XN LP boosted its holdings in Procore Technologies by 101.1% in 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 in the last quarter. Finally, PointState Capital LP bought a new stake in Procore Technologies in the third quarter valued at $81,306,000. Hedge funds and other institutional investors 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.