Procore Technologies (NYSE:PCOR) PT Raised to $86.00 at JPMorgan Chase & Co.

Procore Technologies (NYSE:PCOR) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $83.00 to $86.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 26.21% from the stock’s previous close.

Several other brokerages also recently commented on PCOR. The Goldman Sachs Group raised their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Mizuho lowered their price objective on Procore Technologies from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday. Piper Sandler cut their target price on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday. BMO Capital Markets lowered their price target on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, DA Davidson reiterated a “buy” rating and set a $95.00 price objective on shares of Procore Technologies in a research report on Thursday, March 14th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $81.79.

Procore Technologies Stock Performance

Procore Technologies stock traded down $1.09 during mid-day trading on Thursday, reaching $68.14. 2,743,638 shares of the stock traded hands, compared to its average volume of 1,400,051. Procore Technologies has a 12-month low of $48.11 and a 12-month high of $83.35. The business’s 50-day moving average is $76.24 and its 200-day moving average is $68.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $9.87 billion, a PE ratio of -70.98 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Thursday, February 15th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. The business had revenue of $260.04 million during the quarter, compared to analysts’ expectations of $248.20 million. As a group, sell-side analysts predict that Procore Technologies will post -0.64 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the sale, the chief executive officer now owns 530,049 shares in the company, valued at approximately $36,557,479.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Benjamin C. Singer sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.05, for a total transaction of $207,150.00. Following the transaction, the insider now owns 122,321 shares of the company’s stock, valued at $8,446,265.05. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the sale, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The disclosure for this sale can be found here. In the last 90 days, insiders sold 538,672 shares of company stock worth $41,509,564. 39.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Cerity Partners LLC lifted its holdings in shares of Procore Technologies by 4,290.2% in the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock worth $92,353,000 after buying an additional 1,303,804 shares during the period. Vanguard Group Inc. lifted its stake in Procore Technologies by 13.2% in the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after acquiring an additional 995,757 shares during the period. Norges Bank bought a new position in Procore Technologies during the 4th quarter worth about $68,005,000. Robeco Schweiz AG purchased a new position in Procore Technologies during the 4th quarter valued at about $60,914,000. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Procore Technologies in the 4th quarter valued at about $60,295,000. 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.