Stifel Nicolaus Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective raised by equities research analysts at Stifel Nicolaus from $84.00 to $93.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price target indicates a potential upside of 16.56% from the company’s current price.

Several other analysts have also issued reports on PCOR. TD Cowen increased their price objective on Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. DA Davidson increased their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. BMO Capital Markets increased their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Finally, Jefferies Financial Group increased their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $84.24.

Procore Technologies Stock Up 0.5 %

Shares of PCOR traded up $0.36 during mid-day trading on Wednesday, reaching $79.79. The company’s stock had a trading volume of 462,502 shares, compared to its average volume of 1,654,599. The business has a fifty day moving average of $71.58 and a 200 day moving average of $65.42. The company has a market cap of $11.86 billion, a price-to-earnings ratio of -159.58 and a beta of 0.82. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $86.67. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data 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 return on equity of 2.51% and a negative net margin of 6.59%. The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. As a group, analysts forecast that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the transaction, the senior vice president now owns 75,120 shares in the company, valued at $5,314,740. This trade represents a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 6,410 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.26, for a total transaction of $520,876.60. Following the transaction, the director now owns 1,269,828 shares of the company’s stock, valued at approximately $103,186,223.28. This represents a 0.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 146,321 shares of company stock valued at $10,664,711 over the last three months. 29.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. Raymond James & Associates lifted its stake in Procore Technologies by 1.2% during the second quarter. Raymond James & Associates now owns 46,596 shares of the company’s stock worth $3,090,000 after purchasing an additional 544 shares during the period. Tanager Wealth Management LLP lifted its stake in Procore Technologies by 1.2% during the second quarter. Tanager Wealth Management LLP now owns 12,579 shares of the company’s stock worth $834,000 after purchasing an additional 150 shares during the period. Bank of New York Mellon Corp lifted its stake in Procore Technologies by 30.6% during the second quarter. Bank of New York Mellon Corp now owns 512,574 shares of the company’s stock worth $33,989,000 after purchasing an additional 120,199 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Procore Technologies by 12.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 858,817 shares of the company’s stock worth $56,948,000 after purchasing an additional 92,526 shares during the period. Finally, Burney Co. raised its stake in shares of Procore Technologies by 257.6% in the second quarter. Burney Co. now owns 59,664 shares of the company’s stock valued at $3,956,000 after acquiring an additional 42,980 shares during the last quarter. 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.