TD Cowen Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its target price lifted by stock analysts at TD Cowen from $70.00 to $82.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 5.03% from the company’s previous close.

PCOR has been the topic of several other reports. JMP Securities decreased their price objective on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. Macquarie restated a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. The Goldman Sachs Group lifted 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. KeyCorp increased their target price on Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Canaccord Genuity Group lifted their price target on Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a report on Friday. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.69.

Procore Technologies Price Performance

PCOR stock traded up $2.84 during trading on Friday, hitting $78.07. The company had a trading volume of 1,800,097 shares, compared to its average volume of 1,585,308. The company has a fifty day moving average price of $63.82 and a two-hundred day moving average price of $63.92. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $83.35. The company has a market cap of $11.61 billion, a P/E ratio of -156.14 and a beta of 0.71. 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 (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. Equities research analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Activity

In other 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 sale, the senior vice president now owns 75,120 shares of the company’s stock, valued at $5,314,740. This trade represents a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $70.47, for a total transaction of $361,370.16. Following the completion of the transaction, the director now directly owns 1,335,208 shares in the company, valued at approximately $94,092,107.76. The trade was a 0.38 % 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 valued at $4,497,153 in the last 90 days. 29.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PCOR. Dragoneer Investment Group LLC lifted its holdings in shares of 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. Wasatch Advisors LP grew its stake in shares of Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after acquiring an additional 1,575,534 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Procore Technologies in the third quarter valued at approximately $88,572,000. XN LP lifted its position in shares of Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after purchasing an additional 1,411,812 shares in the last quarter. Finally, PointState Capital LP acquired a new position in Procore Technologies during the third quarter worth $81,306,000. 81.10% of the stock is currently 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.