Canaccord Genuity Group Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its target price raised by investment analysts at Canaccord Genuity Group from $83.00 to $97.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 17.54% from the stock’s previous close.

PCOR has been the subject of several other reports. The Goldman Sachs Group boosted their price objective on Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Stifel Nicolaus upped their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. KeyCorp raised their price objective on shares of Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Piper Sandler upped their target price on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, UBS Group assumed coverage on Procore Technologies in a research report on Monday, December 2nd. They set a “buy” rating and a $105.00 price objective for the company. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Procore Technologies Price Performance

Shares of PCOR opened at $82.53 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. The stock has a market cap of $12.27 billion, a P/E ratio of -165.05 and a beta of 0.84. The stock’s 50-day moving average price is $77.54 and its two-hundred day moving average price is $68.50. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $86.67.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. On average, equities analysts predict that Procore Technologies will post -0.22 earnings per share for the current year.

Insider Activity

In other news, CFO Howard Fu sold 7,809 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $557,250.24. Following the completion of the sale, the chief financial officer now owns 164,188 shares of the company’s stock, valued at approximately $11,716,455.68. This represents a 4.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the sale, the director now owns 1,282,648 shares in the company, valued at approximately $105,087,350.64. This trade represents a 2.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 114,656 shares of company stock valued at $8,776,297. 29.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its stake in Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after acquiring an additional 175 shares during the period. Parkside Financial Bank & Trust raised its stake in Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after acquiring an additional 147 shares during the period. GAMMA Investing LLC raised its stake in Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares during the period. V Square Quantitative Management LLC bought a new stake in Procore Technologies in the 3rd quarter valued at $26,000. Finally, Huntington National Bank raised its stake in Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock valued at $49,000 after acquiring an additional 404 shares during the period. Institutional investors own 81.10% of the company’s stock.

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.