KeyCorp Raises Procore Technologies (NYSE:PCOR) Price Target to $85.00

Procore Technologies (NYSE:PCOR) had its price objective increased by KeyCorp from $68.00 to $85.00 in a report issued on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also issued reports on the stock. Robert W. Baird started coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 target price on the stock. Stifel Nicolaus decreased their target price on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group decreased their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. Finally, Macquarie restated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $79.25.

Procore Technologies Stock Performance

Shares of PCOR opened at $76.67 on Friday. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $83.35. The firm’s 50-day simple moving average is $64.19 and its 200 day simple moving average is $63.98. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, meeting 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 business had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million. Sell-side analysts forecast that Procore Technologies will post -0.23 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 8,974 shares of the firm’s 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 transaction, the director now owns 1,371,104 shares of the company’s stock, valued at approximately $79,606,298.24. This trade represents a 0.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 770,458 shares of the company’s stock, valued at $54,979,882.88. The trade was a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 109,053 shares of company stock valued at $7,426,909 in the last quarter. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently modified their holdings of PCOR. Dragoneer Investment Group LLC raised its stake in shares of Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after acquiring an additional 1,609,607 shares during the last quarter. Wasatch Advisors LP raised its stake in shares of Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock valued at $97,599,000 after acquiring an additional 1,575,534 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Procore Technologies during the third quarter valued at $88,572,000. XN LP increased its position in shares of 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. Finally, PointState Capital LP acquired a new stake in shares of Procore Technologies during the third quarter worth $81,306,000. Institutional investors 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.