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

Procore Technologies (NYSE:PCOR) had its price target hoisted by investment analysts at Barclays from $60.00 to $62.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 10.12% from the stock’s current price.

PCOR has been the topic of a number of other research reports. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. BTIG Research restated a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a report on Friday, July 24th. DA Davidson set a $56.00 price objective on Procore Technologies in a research report on Monday, September 28th. Piper Sandler began coverage on Procore Technologies in a research note on Monday, September 28th. They set an “overweight” rating and a $68.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.44.

Procore Technologies Price Performance

Procore Technologies stock traded up $0.09 during mid-day trading on Monday, reaching $56.30. The stock had a trading volume of 840,009 shares, compared to its average volume of 2,804,665. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of -216.29 and a beta of 0.78. The company has a 50-day moving average price of $56.29 and a two-hundred day moving average price of $51.29. Procore Technologies has a one year low of $38.03 and a one year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 EPS. On average, equities research analysts anticipate that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Benjamin Singer sold 3,943 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the transaction, the insider directly owned 86,931 shares in the company, valued at $5,507,078.85. This trade represents a 4.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares of the company’s stock, valued at $6,188,629.95. The trade was a 8.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 166,149 shares of company stock worth $9,297,037. Insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. SJS Investment Consulting Inc. lifted its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after purchasing an additional 426 shares in the last quarter. Twin Tree Management LP bought a new position in Procore Technologies in the 2nd quarter worth approximately $40,000. Root Financial Partners LLC grew its holdings in Procore Technologies by 11,150.0% during the 1st quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock valued at $64,000 after buying an additional 1,115 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Procore Technologies during the 2nd quarter valued at approximately $52,000. Finally, Versant Capital Management Inc raised its position in shares of Procore Technologies by 50.3% during the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after buying an additional 529 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.