The Goldman Sachs Group Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price target hoisted by equities research analysts at The Goldman Sachs Group from $73.00 to $83.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 8.24% from the stock’s previous close.

PCOR has been the topic of several other research reports. TD Cowen upped their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Barclays raised their price target on shares of Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday. 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 note on Friday. KeyCorp upped their price target on Procore Technologies from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Baird R W raised Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $79.25.

Procore Technologies Trading Up 1.9 %

Shares of Procore Technologies stock opened at $76.68 on Friday. The stock has a market cap of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. The firm has a fifty day moving average price of $64.19 and a 200 day moving average price of $63.94. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $83.35. 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 released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates 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. Equities research analysts predict that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Activity

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction dated 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 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 business’s stock in a transaction dated 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 transaction, the director now owns 1,371,104 shares in the company, valued at $79,606,298.24. The trade was a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 109,053 shares of company stock worth $7,426,909 over the last three months. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. XN LP boosted its stake in Procore Technologies by 101.1% during the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after buying an additional 1,411,812 shares during the period. Meritage Group LP boosted its position in shares of Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after purchasing an additional 1,098,019 shares during the period. Janus Henderson Group PLC increased its holdings in Procore Technologies by 128.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,305,041 shares of the company’s stock valued at $142,267,000 after purchasing an additional 1,297,151 shares during the last quarter. Dragoneer Investment Group LLC lifted its stake in Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after purchasing an additional 1,609,607 shares in the last quarter. Finally, Holocene Advisors LP boosted its position 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 worth $115,623,000 after buying an additional 21,234 shares during the period. Institutional investors and hedge funds 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.