Robert W. Baird Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price upped by Robert W. Baird from $87.00 to $96.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts also recently issued reports on the stock. TD Cowen increased their price target on shares of Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. KeyCorp increased their price objective on shares of Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. DA Davidson increased their price objective on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Scotiabank increased their price objective on shares of Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.71.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $81.59 on Thursday. The company’s fifty day moving average price is $70.43 and its 200 day moving average price is $65.24. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $86.67. The company has a market capitalization of $12.13 billion, a PE ratio of -163.17 and a beta of 0.82. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The firm had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. On average, research analysts predict that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 6,410 shares of Procore Technologies stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $81.26, for a total transaction of $520,876.60. Following the completion of the sale, the director now directly owns 1,269,828 shares in the company, valued at $103,186,223.28. This trade represents a 0.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Howard Fu sold 1,500 shares of Procore Technologies stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $71.75, for a total transaction of $107,625.00. Following the sale, the chief financial officer now owns 171,997 shares of the company’s stock, valued at approximately $12,340,784.75. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 155,295 shares of company stock valued at $11,185,742. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in shares of Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after purchasing an additional 175 shares during the period. V Square Quantitative Management LLC purchased a new position in Procore Technologies in the third quarter worth approximately $26,000. Signaturefd LLC lifted its stake in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the last quarter. Rothschild Investment LLC purchased a new position in Procore Technologies in the second quarter worth approximately $51,000. Finally, International Assets Investment Management LLC lifted its stake in Procore Technologies by 6,069.2% in the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after acquiring an additional 789 shares during the last quarter. Hedge funds and other 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.