BMO Capital Markets Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price target upped by stock analysts at BMO Capital Markets from $71.00 to $85.00 in a report issued on Friday, Marketbeat Ratings reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 10.85% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Piper Sandler raised their target price on shares of Procore Technologies from $63.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lowered their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. TD Cowen upped their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Jefferies Financial Group raised their price target on Procore Technologies from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, November 18th. Finally, Baird R W raised Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Stock Up 1.9 %

PCOR opened at $76.68 on Friday. The firm has a market capitalization of $11.40 billion, a P/E ratio of -153.36 and a beta of 0.71. Procore Technologies has a one year low of $49.46 and a one year high of $83.35. The company has a fifty day moving average price of $64.19 and a 200-day moving average price of $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 (NYSE:PCOR) last posted its earnings results on Wednesday, October 30th. The company reported ($0.11) 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 analysts’ expectations of $287.42 million. Equities research analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total transaction of $1,617,374.40. Following the completion of the transaction, the chief executive officer now owns 770,458 shares in the company, valued at $54,979,882.88. This represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,974 shares of Procore Technologies 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 completion of the sale, the director now owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. This trade represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,053 shares of company stock worth $7,426,909. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. Advisors Asset Management Inc. increased its position in shares of Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after buying an additional 260 shares during the period. 1832 Asset Management L.P. purchased a new position in shares of Procore Technologies during the 1st quarter worth approximately $5,177,000. Bamco Inc. NY raised its position in shares of Procore Technologies by 756.8% in the 1st quarter. Bamco Inc. NY now owns 499,559 shares of the company’s stock worth $41,049,000 after acquiring an additional 441,256 shares in the last quarter. Untitled Investments LP purchased a new position in shares of Procore Technologies in the 1st quarter valued at approximately $1,336,000. Finally, Silvercrest Asset Management Group LLC lifted its stake in shares of Procore Technologies by 1.7% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 29,152 shares of the company’s stock valued at $2,395,000 after purchasing an additional 495 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.