Procore Technologies (NYSE:PCOR) Price Target Raised to $75.00

Procore Technologies (NYSE:PCOR) had its target price lifted by stock analysts at UBS Group from $68.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective indicates a potential upside of 36.37% from the company’s previous close.

Several other analysts also recently issued reports on PCOR. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Piper Sandler lowered their price objective on Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday. BMO Capital Markets lifted their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday. TD Cowen lowered their target price on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, BTIG Research reissued a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $69.82.

Procore Technologies Stock Performance

PCOR stock traded up $1.21 during mid-day trading on Friday, hitting $55.00. 5,342,470 shares of the company were exchanged, compared to its average volume of 2,720,988. The business has a 50 day simple moving average of $44.69 and a 200-day simple moving average of $51.89. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $8.30 billion, a PE ratio of -211.52 and a beta of 0.75. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.72% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, equities analysts forecast that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the transaction, the chairman owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Brighton Jones LLC bought a new stake in Procore Technologies during the 4th quarter worth $511,000. Goldman Sachs Group Inc. boosted its stake in shares of Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after purchasing an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after buying an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after buying an additional 269 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.