BMO Capital Markets Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price hoisted by BMO Capital Markets from $82.00 to $87.00 in a report released on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also weighed in on PCOR. Citizens Jmp lowered shares of Procore Technologies from an “outperform” rating to a “market perform” rating in a research note on Friday, August 1st. Mizuho boosted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Piper Sandler increased their price objective on shares of Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday. Barclays lifted their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the company an “equal weight” rating in a report on Monday, July 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research report on Wednesday, October 8th. Fifteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.26.

Procore Technologies Price Performance

PCOR stock opened at $79.14 on Thursday. The business has a fifty day moving average of $72.02 and a two-hundred day moving average of $69.21. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock has a market cap of $11.89 billion, a price-to-earnings ratio of -94.22 and a beta of 0.90. Procore Technologies has a 52-week low of $53.71 and a 52-week high of $88.92.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, September 20th. The company reported ($0.19) EPS for the quarter. The business had revenue of $172.21 million during the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.17%. As a group, research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In other Procore Technologies news, CFO Howard Fu sold 814 shares of the company’s stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $72.34, for a total transaction of $58,884.76. Following the sale, the chief financial officer owned 187,847 shares in the company, valued at $13,588,851.98. This represents a 0.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $70.56, for a total value of $542,747.52. Following the completion of the sale, the director directly owned 1,115,637 shares in the company, valued at $78,719,346.72. This represents a 0.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 30,724 shares of company stock worth $2,122,519. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

Hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its stake in Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after acquiring an additional 1,717,492 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Procore Technologies by 76.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after purchasing an additional 1,750,998 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Procore Technologies by 12.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after purchasing an additional 360,207 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Procore Technologies by 0.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,282,582 shares of the company’s stock worth $224,594,000 after purchasing an additional 23,038 shares during the last quarter. Finally, Champlain Investment Partners LLC grew its stake in shares of Procore Technologies by 73.3% during the second quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company’s stock worth $154,590,000 after purchasing an additional 955,450 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.