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

Procore Technologies (NYSE:PCOR) had its price objective upped by analysts at KeyCorp from $68.00 to $85.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target indicates a potential upside of 10.85% from the stock’s current price.

PCOR has been the topic of a number of other reports. Piper Sandler increased their price target on Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday. DA Davidson reiterated a “neutral” rating and issued a $60.00 target price on shares of Procore Technologies in a research note on Wednesday, October 2nd. The Goldman Sachs Group lowered their price target on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Macquarie reiterated a “neutral” rating and issued a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. Finally, Robert W. Baird assumed coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 target price for the company. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Stock Performance

Shares of PCOR opened at $76.68 on Friday. The stock has a market capitalization of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. The business’s fifty day moving average price is $64.19 and its 200 day moving average price is $63.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. 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 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 company had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. Equities research analysts forecast that Procore Technologies will post -0.23 EPS for the current year.

Insider Activity at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the sale, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Connor Kevin J. O sold 8,974 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total value of $521,030.44. Following the completion of the transaction, the director now directly 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 sold 109,053 shares of company stock valued at $7,426,909 over the last 90 days. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of PCOR. XN LP lifted its holdings in shares of Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the last quarter. Meritage Group LP lifted its stake in Procore Technologies by 66.6% during the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock valued at $169,453,000 after buying an additional 1,098,019 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Procore Technologies by 128.7% in the third quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock worth $142,267,000 after buying an additional 1,297,151 shares during the period. Dragoneer Investment Group LLC increased its position 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 worth $148,762,000 after acquiring an additional 1,609,607 shares in the last quarter. Finally, Holocene Advisors LP raised its holdings in shares of Procore Technologies by 1.1% during the third quarter. Holocene Advisors LP now owns 1,873,343 shares of the company’s stock valued at $115,623,000 after acquiring an additional 21,234 shares during the period. 81.10% of the stock is owned by institutional investors.

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.