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

Procore Technologies (NYSE:PCOR) had its price target increased by Canaccord Genuity Group from $67.00 to $83.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently issued reports on PCOR. Robert W. Baird began coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 target price on the stock. Barclays increased their target price on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday. Scotiabank lowered their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Stifel Nicolaus increased their target price on shares of Procore Technologies from $70.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday. Finally, JPMorgan Chase & Co. increased their target price on shares of Procore Technologies from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note 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. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Stock Up 1.9 %

Shares of PCOR stock opened at $76.67 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm’s 50 day moving average is $64.19 and its 200 day moving average is $63.98. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $83.35.

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

Insider Activity at Procore Technologies

In related news, CFO Howard Fu sold 1,500 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $71.75, for a total transaction of $107,625.00. Following the transaction, the chief financial officer now owns 171,997 shares of the company’s stock, valued at approximately $12,340,784.75. This trade represents a 0.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the transaction, the director now directly owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. This represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,053 shares of company stock valued at $7,426,909. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc increased its position in shares of Procore Technologies by 3.5% in the third quarter. CIBC Asset Management Inc now owns 4,204 shares of the company’s stock valued at $259,000 after acquiring an additional 143 shares during the period. Tanager Wealth Management LLP increased its position in shares of Procore Technologies by 1.2% in the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock valued at $834,000 after acquiring an additional 150 shares during the period. GAMMA Investing LLC increased its position in shares of Procore Technologies by 76.4% in the third 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. Taylor Frigon Capital Management LLC increased its position in shares of Procore Technologies by 0.3% in the second quarter. Taylor Frigon Capital Management LLC now owns 53,845 shares of the company’s stock valued at $3,570,000 after acquiring an additional 180 shares during the period. Finally, Signaturefd LLC increased its position in shares of Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after acquiring an additional 216 shares during the period. 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.